The third month of 2024 closed with declining figures if we refer to oil exports from Venezuela to Cuba. During March, the nation, rich in fuel, only sent 34 thousand barrels per day (bpd) to the Island.
The figure represented the same balance if we compare it with what was recorded last February. The figure is lower than the average of 56 thousand bpd shipped in 2023. There are several factors that directly affect this marked decrease in crude oil shipments to Havana.
Among the most significant reasons are the greater international demand for oil and the temporary lifting of several United States sanctions regarding fuel from Venezuela. Hence, crude oil shipments to the Island are lower compared to what was shown in all of 2023.
Qualified buyers
The rush to buy Venezuelan crude oil by several countries is another cause of the low volumes of shipments to Cuba. It turns out that some nations have been interested in this crude oil in recent months and want to do business before April 18. Just that day, a license from Washington that has allowed the country to freely sell its production will expire.
By the way, the state company Petróleos de Venezuela (PDVESA) is aware that sanctions might return following that date. Its executives evaluate several strategies regarding the next destinations of their productions.
Last March, 52 ships left Venezuelan ports with around 884,935 barrels per day (bpd) of crude oil and refined products. Likewise, the country exported 463 thousand metric tons of petroleum byproducts and petrochemicals.
The figure received by Cuba in March, meanwhile, represented a modest increase over the average of 32 thousand bpd in January. The truth is that shipments have been drastically reduced compared to last year. Then, PDVSA exported 8% of its production to Cuba, for regarding 56 thousand bpd.
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