Russian Oil Shipment Eases Cuban Fuel Shortages

State-run media in Cuba reported the arrival of 90,000 metric tons of Russian oil, aiming to mitigate power outages and gasoline scarcities in the cash-strapped nation.

This shipment marks a renewed effort by Russia to supply oil to Cuba, which ceased after the collapse of the Soviet Union.

Uncertainty Surrounding Regular Shipments

Despite reported agreements between the two governments for annual oil supplies, shipping data indicates no Russian oil left for Cuba in the previous year.

This shipment marks a renewed effort by Russia to supply oil to Cuba, which ceased after the collapse of the Soviet Union.
This shipment marks a renewed effort by Russia to supply oil to Cuba, which ceased after the collapse of the Soviet Union. (Credits: Fox News)

Jorge Piñón of the University of Texas at Austin values the recent shipment at $46 million but remains cautious about the possibility of regular deliveries.

Fuel Shortages and Economic Crisis

Cuba faces a significant fuel deficit, requiring 8 million metric tons annually, with only 3 million produced domestically. Venezuela, historically a major oil supplier, has reduced shipments, while Mexico, a recent supplier, has halted exports.

Jorge Piñón of the University of Texas at Austin values the recent shipment at $46 million but remains cautious about the possibility of regular deliveries.
Jorge Piñón of the University of Texas at Austin values the recent shipment at $46 million but remains cautious about the possibility of regular deliveries. (Credits: FFS)

Economic downturns have led to widespread scarcity of essentials, fueling social tensions and unrest reminiscent of pre-revolutionary periods.

The Cuban government attributes the crisis to U.S. sanctions and alleged subversion, claims refuted by Washington.

Rising tensions between the two nations exacerbate Cuba’s predicament, with no immediate solution in sight.

Jen Garcia
Jen Garcia
Experienced finance and business news writer, exploring market dynamics with insightful analysis and engaging storytelling.
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