• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 7 minutes The Painful Death of Coal
  • 11 minutes Forecasts for Natural Gas
  • 58 mins 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 7 hours U.S. Presidential Elections Status - Electoral Votes
  • 1 day .
  • 18 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Сryptocurrency predictions
  • 1 day *****5 STAR Article by Irina Slav - "The Ugly Truth About Renewable Power"
  • 2 hours Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 7 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 13 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 12 hours Joe Biden's Presidency
  • 1 day How US Capitalism Uses Nationalism
  • 4 days European gas market to 2040 according to Platts Analitics
Hedge Funds Bet On Higher Oil Prices

Hedge Funds Bet On Higher Oil Prices

Hedge funds are finally growing…

Is A Russia-Cuba Energy Deal In The Works?

The chief executive of Russian state oil major Rosneft met yesterday with Cuba’s President Raul Castro, suggesting that the two are working on an energy deal, Reuters reports.

Rosneft started exporting crude oil to the Caribbean island earlier this year as its main supplier, Venezuela, struggled with a decline in its own production, and in October Sechin said there were plans to increase oil shipments to Cuba.

Rosneft also plans to invest in refining in Cuba, it became clear after a meeting between Sechin and Cuba’s Energy Minister Alfredo Lopez. More specifically, the company will take part in the modernization of the Cienfuegos refinery—a joint venture between Cupet and PDVSA that last week became officially fully Cuban.

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.

The refinery has a daily capacity of 65,000 barrels of crude, but in August this year it only processed about 24,000 bpd, the Cuban daily said. What’s more, Venezuela’s oil industry troubles led to a change in the grades it sent to Cienfuegos to heavier ones that are more difficult to process.

Related: Yuan-Priced Crude Futures Could Arrive Before Christmas

Cuba has been dependent on Venezuelan oil imports for as much as 70 percent of its domestic energy needs, but with Venezuelan production falling, the island has turned to alternative suppliers. It also has plans to develop its own oil and gas resources.

There are few foreign energy companies operating in Cuba, but one of these, Australian Melbana Energy, has set its sights on an onshore deposit dubbed Block 9, which, according to the company, could have reserves of between 1.18 billion and over 44 billion barrels of oil, with the recoverable portion estimated at around 637 million barrels.

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