Despite US sanctions, PEMEX’s shipments to the island have grown compared to the second half of 2023.
MIAMI, United States. – The state-owned company Petróleos Mexicanos (PEMEX) has increased its crude oil exports to Cuba by 30% so far in 2024 (compared to the second half of 2023), according to the media Oil & Gas Magazineciting a report filed by PEMEX with the U.S. Securities and Exchange Commission.
According to official information, Gasolinas Bienestar, a subsidiary of PEMEX, exported 21,800 barrels of crude oil per day to Cuba during the first quarter of 2024, in contrast to the 16,800 barrels per day that were sent to the Island between July and December 2023.
In addition to crude oil, PEMEX also increased exports of gasoline and other petroleum products to Cuba, reaching an average of 3,600 barrels per day (an increase of 9% compared to the previous year). The total value of these exports amounts to 3.3 billion Mexican pesos, approximately 200 million dollars.
Despite the potential international repercussions due to the United States embargo against the island’s regime, PEMEX maintains that all Gasolinas Bienestar transactions are carried out under contracts denominated in Mexican pesos and in accordance with applicable laws.
Since July 2023, the state-owned company has been acquiring crude oil and derived products from its affiliates with the aim of exporting them to Cuba.
A study from the University of Texas, also cited by Oil & Gas Magazineestimates that Mexico’s exports to Cuba cover approximately a quarter of the island’s energy needs, while the remainder is provided by Venezuela.
In May of this year it became known that the Government of Mexico would resume oil shipments to Cuba after a three-month pause.
Since 2023, PEMEX has become a major supplier to the Cuban regime, according to the state oil company’s declaration to the United States Securities and Exchange Commission in early May 2024.
Mexican crude oil shipments complement Venezuela’s supply. Since regular oil exports began last year, Mexico has shipped an average of 1,000 barrels of crude oil through February. 22,000 barrels per day (bpd) of crude oil and liquefied petroleum gas (LPG) to Cuba. This amount is valued at approximately 391 million dollars.
The fuel crisis on the island has worsened the electricity situation. Cubans are currently suffering power cuts of up to eight hours a day.
