• 4 minutes Does S Arabia Have 2 Mln Barrels in Spare Capacity?
  • 11 minutes Oil prices going down
  • 19 minutes Venezuela, the largest oil reserve in the world, faces deep shortages of motor oil
  • 4 hours 67.50 was the low for now, $70 - $76+ back in play
  • 4 hours EU And Japan Sign Historic Free Trade Deal
  • 3 hours Where 3 Million Electric Vehicle Batteries Will Go When They Retire?
  • 3 hours Daimler and BMW Will Beat Tesla in EV Race
  • 8 hours Germany: We Can No Longer Fully Rely On U.S. White House
  • 24 hours Well from $74 we hit 67.xx now what?
  • 11 hours Chartist predicting a $1 fall, after WTI drops $10
  • 3 hours China’s Technology Sector Takes On Silicon Valley
  • 7 hours Trump-Putin Helsinki Summit And Oil Prices
  • 14 hours Chile Becomes The Latest Country To Commit To 100% Renewables
  • 1 day Trade War of 1930s, Extended the Great Depression
  • 22 hours Rio Tinto Says $4-Million Goodbye to Coal
  • 4 hours Trump mulling releasing 5 to 30 Mill Barrels
  • 1 day Kaplan Says Rising Oil Prices Won't Hurt US Economy
Yamal LNG Is Conquering China

Yamal LNG Is Conquering China

While many expected deliveries to…

Barclays: WTI To Average $65 Next Year

Barclays: WTI To Average $65 Next Year

Barclays raised on Tuesday its…

Cuba Expands Fuel Imports From Algeria As Venezuela Falters

Cupet oil

Cuba has signed a deal with Algeria to increase the amount of oil products it imports from the North African country as its main supplier, Venezuela, struggles to stay afloat. While no details about the size of shipments were revealed, Cuban state news agency Prensa Latina reported that the deal is “one of the most significant between the two countries in recent times”.

Reuters recalls that last year, Cuba imported 2.1 million barrels of crude oil from Algeria, in addition to the oil product purchases, and earlier in January a source from the state oil firm Sonatrach told Reuters that plans for this year are for the same amount.

The news agency suggests the size of fuel shipments will also increase this year based on the fact that Cuba and Algeria agreed for more Cuban doctors to be sent to the North African country. Since Cuba, Reuters notes, lacks cash because of the sanction regimes, it barters services for oil and fuels.

On average, Cuba imports some US$200-300 million worth of Algerian oil products annually.

Cuba could be seen as a collateral victim of the Venezuelan economic crisis. For years, Venezuela was Cuba’s biggest supplier of crude and fuels at subsidized prices. Now that Venezuela is reeling from a deep economic crisis and a sharp drop in oil production to the lowest in almost 30 years, Cuba has been gasping for oil, having to ration it until it upped imports from Russia and Algeria.

It also had to suspend operations at its Cienfuegos refinery, which state energy firm Cupet owned jointly with PDVSA until last August when the Cuban company took over the entire facility. Venezuela’s state oil company PDVSA held 49 percent in the refinery, and according to a former government official from the South American country, Cuba took over the stake as payment for debts that had been incurred from tanker rentals and professional services, Reuters reported at the time.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News