Cuba Hopes Russia Will Supply 32,000 Barrels of Oil Per Day

for each year

Deposits of the Russian state company Rosneft. (Energy Newspaper)

With this and the shipments from Venezuela, the Island would cover its fuel deficit, if it gets the 676 million dollars to pay for the Moscow crude.

By EFE / 14ymedio

HAVANA TIMES – Russia and Cuba are preparing an intergovernmental agreement for Russia’s Rosneft to supply 1.64 million tons of oil and hydrocarbons annually to the Island, Cuban Prime Minister Manuel Marrero Cruz said on May 13 during a meeting with his Russian counterpart, Mikhail Mishustin.

The Prime Minister, who is on an official visit to Russia, commented that he spoke with directors of Rosneft, who informed him about the progress of the working group created to prepare the agreement between Havana and Moscow.

According to Marrero, this agreement seeks to guarantee the “stable supply” of oil to Cuba.

Marrero stressed the validity and importance of this agreement for his country and acknowledged that Cuba is experiencing difficulties with the supply of fuels.

Researcher Jorge Piñón, from the University of Texas, informed 14ymedio that the amount of oil that Havana is negotiating with Moscow (1,640,000 tons) is equivalent to 32,000 barrels per day.

“This will cover Cuba’s deficit of 90,000 barrels per day, assuming that Venezuela continues to deliver 57,000 barrels per day. At today’s prices, approximately $58 a barrel for Urals crude oil, the total value is about $676 million per year. How is this debt going to be paid?”

For his part, Mishustin, who meets for the second time with Marrero as part of his visit, stressed that Russia “considers the strengthening of friendship and partnership with Cuba as an unquestionable priority.”

The head of the Russian Government added that the cooperation between Moscow and Havana “has passed the test of time and repeatedly demonstrated its stability in the face of external challenges,” among which he cited the economic sanctions of the “unfriendly countries.”

Mishustin reported that both countries are working on the creation of a bilateral financial system of payments and have begun to trade based on national currencies, the ruble and the Cuban peso.

On May 13, the Cuban Prime Minister met with the former Russian president and vice president of the Russian Security Council, Dmitri Medvedev, to discuss bilateral cooperation, including the technical-military, transport, industry and investment spheres.

In particular, they talked about cultural and humanitarian cooperation and the scholarship program for Cuban students, as well as the creation of a special school for the teaching of the Russian language in Cuba.

Marrero, who has already participated in the intergovernmental council of the post-Soviet Eurasian Economic Union and has held meetings with senior Russian officials, was to attend the St. Petersburg International Economic Forum last week.

In the midst of an unprecedented rapprochement, Havana bets on the “generosity” of Moscow, which has already sent several loads of hydrocarbons. The Russian Prime Minister, Mikhail Mishustin, had already promised Manuel Marrero “the execution of large joint projects” in the oil field.

In this regard, Piñón stated in an interview with Radio Televisión Martí, last Wednesday, that Cuba lost one million barrels of storage during the fire in Matanzas and that, given the need to make space to store the 800,000 barrels of high-quality crude oil that arrived on the Island from Russia, it is likely that the loads of two of the oil tankers from Venezuela have been resold.

Translated by Regina Anavy for Translating Cuba

Read more from Cuba here on Havana Times

2 thoughts on “Cuba Hopes Russia Will Supply 32,000 Barrels of Oil Per Day

  • Russia is so desperate for allies that it will cozy up to a basket case like Cuba. Cuba is so desperate for oil that it will overlook Russia’s aggression.

  • Bla, bla, bla…does anyone really believe that Putin’s Russia of 2023 is in a position to deliver the equivalent of 32K daily barrels of oil? Yes, Putin has the oil to be sure. But the war machine in Moscow needs every drop of its oil to be sold to countries that can pay in cash. The profit margins on crude are razor thin. Russia makes most if its money on the sale of petroleum byproducts. China and India are prepared to buy every drop of Russian crude and they are willing to pay for it on delivey! Cuba, on the other hand, needs some sort of barter relationship. What does Cuba have that Russia needs? Other than the geopolitical value of having Cuba as a trading partner and the never to be underestimated value of being Russia’s “Hawaii”. what does Cuba bring to the table? Is it just me or has anyone else noticed that Cuba is always looking for a Savior? It’s like every 10 years or so that Cuba gets all worked up about some new country or project that will right the ship of State. By the way, whatever happened to the Port of Mariel project?

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