• 4 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 9 hours Keystone Pipeline Restart Still Unknown
  • 13 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 15 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 17 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 18 hours German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 20 hours Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 21 hours Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 2 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 5 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 6 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 7 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 7 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 7 days Santos Admits It Rejected $7.2B Takeover Bid
  • 7 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 7 days Africa’s Richest Woman Fired From Sonangol
  • 8 days Oil And Gas M&A Deal Appetite Highest Since 2013
Bankrupt Venezuela Asks Partners For Free Oil

Bankrupt Venezuela Asks Partners For Free Oil

Following Venezuela’s official default last…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Venezuela Cuts Shipments To Cuba By 13% Through June 2017

Flags

Venezuelan shipments of crude oil to Cuba have fallen 13 percent in the first six months of 2017, according to official PDVSA data seen by Reuters this week.

Havana reduced electricity use quotas for its state-run businesses by 28 percent last year, but the government did not put caps on residential consumption.

Former Venezuelan President Hugo Chavez set up contracts with communist Cuba regarding oil supplies back in 2000. In return, Cuba offers Venezuela doctors and other medical services.

The documents showed that PDVSA sent Cuba 72,350 barrels of crude and refined products per day through June – 13 percent less than the same period last year.

Currently, Cuba relies on foreign oil for more than two thirds of its daily consumption, with over 100,000 barrels of crude flowing from Venezuela every day for years. Their dependence on Venezuelan oil has come to an end as President Nicolas Madura struggles to reduce the effects of a production shortage that has caused mass shortages of day-to-day and medical supplies.

“Cuba needs at least 70,000 bpd from Venezuela to cover its energy deficit and avoid deeper rationing. A larger or total loss of the Venezuelan supply would have a high political and financial cost for Cuba," as it attempts to prepare for an increasing number of tourists, this year, said Jorge Pinon, an energy expert at the University of Texas in Austin.

Related: The Major Wildcard That Could Send Oil To $120

Cuba is currently probing for oil in its own offshore wells, with some hope of finding a vast untapped reserve, but so far, they’ve run dry. In response, they’ve reached out to Russia. In May, Russia exported its first shipment of oil to Cuba in decades. The tanker, carrying 250,000 barrels of Russian oil, was just the first installment of a total 1.9 million barrels to be sent by the Russian government-owned oil company, Rosneft.

By Zainab Calcuttawala 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