Mexico’s state-owned oil company is throwing Cuba a much-needed lifeline as the Caribbean island struggles to keep its power grid operational amid its worst economic crisis since the collapse of the Soviet Union.
Petroleos Mexicanos sold 3.1 billion pesos ($166 million) of crude and fuel to the communist-run nation in the first quarter of this year through its subsidiary Gasolinas Bienestar, according to a company filing.
The volume of exports — 19,600 barrels a day of oil and 2,000 barrels a day of petroleum products — marks a slight increase from the combined 19,900 barrels a day Pemex shipped to Cuba in the second half of 2023.
Cuba has been reeling ever since its lynchpin tourism industry was crushed by the combination of tighter US sanctions during President Donald Trump’s first term and then the Covid-19 pandemic. Rolling blackouts are constant and the national power grid has collapsed multiple times over the past year. The dire conditions have prompted a mass exodus that has shrunk the island’s population by almost one-quarter over the past four years.
Mexico’s energy shipments, first reported Sunday by newspaper El Universal, are part of what President Claudia Sheinbaum’s government describes as humanitarian support for Cuba. The island has been subjected to broad US sanctions for more than six decades.
The latest sales represent 3.3% of Pemex’s total exports of crude oil and 1.9% of its petroleum product exports, according to the June 23 filing to the US Securities and Exchange Commission. The Mexican company said it has “procedures in place to ensure such sales are carried out in compliance with applicable law.”
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