Venezuela sent only 11 thousand barrels per day of refined products to Cuba in October, a significant decrease if you take into account the 52 thousand of Septemberthe highest number this year.
This minimal fraction of its total oil exports results from the 26% drop worldwide, according to PDVSA shipment data and internal documents reviewed by Reuters.
According to ship tracking information and reports from the state-owned Petróleos de Venezuela SA (PDVSA), shipments to the Caribbean island—a political ally of Caracas—return to the volumes of the first months of this year, although October is not the lowest.
In January there was a “historic drop” in shipments of Venezuelan crude oil to Cuba, which fell to around 10,000 barrels per day, less than half of what was received in December 2024. Although in February the figure showed some recovery, it was still far from what was agreed at the time by Hugo Chávez and Fidel Castro.
It was in March that Caracas was close to complying with the agreement by shipping 50 thousand bpd to the island, and in June deliveries were only 8 thousand barrels per day.
It was not until July that a striking jump was experienced, when 31 thousand barrels a day arrived (bpd) of crude oil, gasoline and jet fuel.
Reserves are reduced
The general decline in exports was attributed to the reduction of domestic reserves and lower imports of diluents – such as light crude oil and naphtha – which fell to 73,500 barrels per day in October, from 41,000 in September and levels of 105,000-110,000 in the first quarters of the year.
This points out Reutersexhausted the inventories necessary to process extra-heavy crude oil from the Orinoco Belt, despite a stable production of 1.1 million barrels per day.
China was the main destination, receiving 80% of the volume (663 thousand barrels per day) through intermediaries that operate with PDVSA since the US sanctions of 2019.
The United States, for its part, imported 128 thousand barrels per day through Chevron, authorized in August by Donald Trump’s government to operate joint ventures with restrictions: only half of the production after payment of royalties and taxes to the government of Nicolás Maduro.
Venezuela, main supplier
Since May, the Minister of Energy and Mines, Vicente de la O Levy, explained that Venezuela continued to be the main supplier of crude oil, although it had reduced its shipments due to United States sanctions against Caracas.
Venezuela sent 52,000 barrels of oil per day to Cuba in September, the largest supply of the year
Miguel Díaz-Canel also referred to the matter, and acknowledged that, however, the island used a “formula” that evaded sanctions to be able to continue receiving these shipments. The statements were made on his podcast “From the presidency.”
The reduction in fuel to Cuba has been notable and directly affects sectors such as transportation or electricity generation, one of the areas most burdened by the current economic crisis that the country is going through and consumes the routine of citizens.
