Around 6 percent of electricity in Cuba is generated with diesel, according to Jorge Piñon, a specialist at the University of Texas. Oil shipments from Mexico to Cuba are carried out through Gasolinas Bienestar S.A. de C.V., a company designated by the Mexican government, under an agreement with the Mexican Agency for International Development Cooperation (AMEXCID) of the Secretariat of Foreign Relations.
During 2023, the value of the oil sent by Mexico to Cuba reached 300 million dollars. In the first half of 2024, 15-20 thousand barrels of crude oil were sent daily, valued at 100 million dollars. Piñon mentioned that, although the exact reason for these shipments is unknown, it could be related to the exchanges of Cuban doctors in Mexico or the Covid vaccines received by Mexico.
Mexico sends Cuba its best oil, the light crude 'Istmo', as Maya crude is not processable on the island due to its density. This contribution has been crucial as neither Russia nor Venezuela have fulfilled their commitments to supply oil to Cuba. While Russian shipments have not materialized, Venezuela recently reduced its delivery from 53 to 25 thousand barrels daily.
The Secretariat of Foreign Relations confirmed that Cuba has requested assistance to acquire spare parts, and the Federal Electricity Commission (CFE) acted as a mediator to facilitate discussions with suppliers. In a recent shipment, Mexico sent 67 thousand barrels of diesel to Santiago de Cuba, valued at 31 million dollars.
In detail, the shipment of 400 thousand barrels of crude oil to Cuba represents a value of 26 million dollars, at 65 dollars per barrel. This latest shipment of diesel will be used both for electricity generation and transportation. According to Jorge Piñon, Cuba still faces a deficit of 1400 Megawatts in electricity generation, which has led to the import of diesel, as its national refineries do not produce a product of sufficient quality.
