Economía 13-07-2017

Exports of crude oil from Venezuela to Cuba fell 13% in the first quarter

Venezuelan oil and fuel shipments to Cuba fell nearly 13 percent in the first half of the year, according to PDVSA documents accessed by the Reuters news agency, where it can be seen that the bulk of the reduction in shipments of 2017 was concentrated in oil destined for Cuban refineries, which declined 21 percent to 42,310 barrels per day (bpd), according to documents accessed by the Reuters news agency.

In total, PDVSA sent Cuba an average of 72,350 bpd of oil and products in the first half of 2017, almost 13 percent less than in the same period last year, according to PDVSA internal trade reports, Last year, Venezuela partially offset lower shipments of crude oil by supplying Cuba with more refined products, but this year's data showed that fuels shipped to the island remained almost unchanged at about 30,040 bpd.

It was noted that the decline in cargo has led to the rationing of fuel and electricity in Cuba, whose economy depends largely on Venezuela under a series of bilateral cooperation agreements signed since 2000, hence Cuba began to receive a significant flow of Venezuelan oil in recent years and in exchange for the oil Havana has sent to that country doctors and other services, as sports coaches.

The drop has begun to see since 2008, when they reached a peak of 115,000 bpd, mainly due to a decline in crude exports, but the poor state of Venezuelan refineries has also affected fuel shipments this year so in addition to rationing gasoline to state-owned companies and electricity, Cuba has been trying this year to receive shipments from other producers like Russia, something that was not done more than a decade ago.

In one of several recent shipments, the tanker Ocean Quest, loaded with Russian fuel, arrived at the port of Havana on July 9, where it has been waiting to unload. The vessel departed from Tuapse, a terminal operated by state-owned Rosneft, according to Reuters ship monitoring data.

Energia 16