Petróleos Mexicanos (Pemex) did not record new fuel sales to Cuba between April and June 2026, as indicated by the comparison of its financial reports submitted to the U.S. Securities and Exchange Commission (SEC), marking a new sign of the drastic reduction in Mexican supply to the island.
The information was highlighted this week by media outlets such as El Informador and The Rio Times, which analyzed the semiannual report of the Mexican oil company submitted to the U.S. regulator.
The key lies in the figures. During the first quarter of 2026, the subsidiary responsible for operations with Cuba reported exports of petroleum products averaging 900 barrels per day, valued at 256.2 million Mexican pesos, approximately 14.2 million dollars.
In the report corresponding to the first six months of the year, Pemex declared exactly 256.2 million pesos in sales to Cuba —about 14.7 million dollars at the exchange rate used in that report— indicating that no new sales were added between April and June.
There is, however, a peculiarity that compels us to avoid more definitive conclusions: the semiannual report continues to record an average of 900 barrels per day of petroleum products, even though the total value of sales did not increase compared to the first quarter.
Pemex does not clarify this apparent discrepancy in its reports, which allows documents to indicate zero new sales recorded, but it cannot be stated without nuance that physically "not a single barrel" left during those three months.
What has indeed disappeared from the 2026 reports is crude oil. In the first quarter, Pemex only reported petroleum products, a massive difference compared to the volumes sent just two years prior.
In 2024, the then-called Gasolinas Bienestar exported to Cuba an average of 20,100 barrels per day of crude oil and 2,700 barrels per day of petroleum products: a total of 22,800 barrels per day.
In 2025, there were 15,000 barrels of crude and 2,200 of derivatives per day, for a total daily average of 17,200 barrels and an annual value close to 500 million dollars.
The decline had already been reflected in the first quarter of this year, when the supplies reported by Pemex fell to just 900 barrels per day, all of which were refined products with no crude oil exports.
The decline coincided with a significant increase in U.S. pressure on energy supplies to Cuba. On January 29, President Donald Trump signed Executive Order 14380, which established a mechanism to impose additional tariffs on products from countries that sold or supplied oil, directly or indirectly, to Cuba.
It is important to specify that the additional tariffs contemplated under that authority ceased to be in effect on February 20, when Trump ended several tariff actions based on the International Emergency Economic Powers Act.
The national emergency declared regarding the Cuban regime remained in effect, and Washington subsequently imposed new sanctions on entities linked to the island's energy sector.
Pemex, for its part, does not directly attribute the reduction of its operations with Cuba to Washington.
In its reports, it merely indicates that sales are conducted through contracts denominated in pesos, at market prices, and that it has procedures in place to ensure "compliance with applicable law."
The subsidiary used for these operations also changed its name twice this year. Gasolinas Bienestar was renamed Servicios Logísticos Integrales Mumiya on March 31, and since May 22, it has been operating as Servicios Logísticos y Recursos Estratégicos.
The Mexican reduction worsens the energy landscape of Cuba following the contraction of its traditional supply sources. Total exports from Mexico to Cuba plummeted by 97.1% between June 2025 and June 2026, with a particularly sharp decline in petroleum-derived products.
Cuban Foreign Minister Bruno Rodríguez recently stated that the island's population is receiving only two or three hours of electricity daily and blamed the American restrictions for the fuel shortage.
The crisis, however, is also tied to the deterioration of Cuba's electrical infrastructure, lack of maintenance, and reduced energy imports.
Ana Lilia Moreno, an analyst from México Evalúa quoted by The Rio Times, warned that it cannot be directly attributed that the magnitude of the blackouts is solely due to the reduction of Pemex's exports, as data on shipments, inventories, and the operation of the Cuban power plants would be necessary to determine that impact.
It is also unclear whether Pemex's records allow for knowledge of all the fuel that could have left Mexico for Cuba.
Gonzalo Monroy, director of the energy consultancy GMEC, pointed out that the fact that Pemex has stopped reporting certain shipments does not, by itself, demonstrate that the Mexican Government has ceased to carry them out through other mechanisms.
In fact, in June, President Claudia Sheinbaum indicated that Mexico was examining a mechanism for private companies with commercial permits to transport fuel to Cuba, although she clarified at that time that this path had not yet been resumed.
The uncertainty regarding alternative supply routes increased after the U.S. Coast Guard announced on October 2nd the interception of the M/V Grace, a vessel that had been boarded in early September while en route to Cuba with fuel stored in its ballast tanks and other containers.
There is no evidence that this shipment was related to Pemex. Analyzed maritime tracking data later indicated that Grace likely loaded the fuel in Panama, a sign of the alternative routes being explored as traditional supplies to the island dwindle.
The Pemex documents only cover operations until June 30, 2026. Therefore, the data does not allow us to conclude that the Mexican oil company has maintained its sales to Cuba at zero during July, August, or the following months.
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