MÉRIDA, Mexico – State-owned Petróleos Mexicanos (Pemex) increased its crude oil exports to Cuba by 30% this year between January and March 2024 compared to the previous year.
Gasolinas Bienestar, a subsidiary of Pemex, sold 21.8 thousand barrels of crude oil per day from January to March to the Island, which represents an increase of 30% compared to the 16.8 thousand barrels sent between July and December 2023, reported The Universal.
Mexico also sent 3.6 thousand barrels of gasoline and other petroleum products to Cuba daily, an increase of 9% compared to last year.
“In the three months ended March 31, 2024, Gasolinas Bienestar, SA de CV exported 21.8 thousand barrels of crude oil per day and 3.6 thousand barrels of petroleum products for a total amount of 3.3 billion pesos [200 millones de dólares]”, reads a report that Pemex submitted to the United States Securities and Exchange Commission.
“Gasolinas Bienestar, SA de CV sales are made under contracts denominated in pesos at the current market rates. We have established procedures to ensure that such sales are made in accordance with applicable law,” adds the document to which the Mexican newspaper had access.
Gonzalo Monroy, director of the GMEC consultancy, told The Universal that this is a completely political decision that tries to avoid US sanctions.
Shipments are made through the Gasolinas Bienestar subsidiary and not through PMI, the Pemex subsidiary responsible for the international trade of crude oil and derivatives and with operations in the United States, whose “government can severely sanction the Mexican oil company,” he explained.
“The sanction will have serious financial consequences for Pemex, since it places debt in the United States. On the other hand, it reflects the supportive actions between similar regimes,” the expert concluded.
Shipments to Cuba in 2023
Mexican crude shipments complement Venezuela’s supply. Since regular oil exports began last year, Mexico has shipped an average of 22,000 barrels per day (bpd) of crude and liquefied petroleum gas (LPG) to Cuba through February. That amount is valued at about $391 million.
According to a study conducted by the University of Texas Energy Institute, the Government of Mexico has sent a total of 7 million 435 thousand barrels of crude oil to Cuba between 2023 and the first two months of 2024. This operation has translated into an estimated amount of at least 537 million dollars.
Mexico sent 22,000 barrels of oil per day to Cuba in 2023
According to the information shared by The ConfidentialThe shipping process is carried out regularly, with two or three shipments per month from the port of Pajaritos, located in Coatzacoalcos, Veracruz. According to Jorge Piñón, a senior researcher at the University of Texas Energy Institute, shipments have also been detected from other Mexican ports such as Salina Cruz, Oaxaca and Tampico.
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