PEMEX Increased Its Oil Shipments to Cuba by 20% in 2024

MIAMI, United States – Mexican state oil company PEMEX increased its crude oil exports to Cuba by 20% in 2024, amid an energy crisis on the island and despite its own financial and operational difficulties. This was revealed in the company’s most recent financial report, submitted to the U.S. Securities and Exchange Commission (SEC) and cited by Reuters.

According to the document, exports carried out by the subsidiary Gasolinas Bienestar averaged 20,100 barrels of crude per day, up from 16,800 barrels per day in 2023. As for refined petroleum products, 2,700 barrels per day were shipped—an 18% decrease compared to the previous year. The total value of these shipments reached $600 million, representing a 50% increase from the amount reported in 2023.

“These sales represented 2.8% of our total crude oil exports and 0.7% of our total refined product sales, respectively,” PEMEX stated in its report. The company did not specify whether the shipments to Cuba were made under preferential terms or whether they have continued into 2025.

Cuba is experiencing a severe energy crisis, with widespread blackouts and a collapsing electrical system. The regime of Miguel Díaz-Canel blames the fuel shortages on the U.S. embargo, which it claims hampers the acquisition of hydrocarbons and spare parts. However, for decades Havana has poured millions of dollars into the tourism sector while neglecting investment in energy infrastructure.

PEMEX is currently facing a critical situation: crude oil and condensate production fell by 11% over the past year, averaging 1.6 million barrels per day. This is compounded by financial debt exceeding $101 billion and an additional $20 billion owed to suppliers.

In its report, the state-owned company stated that the sales made through Gasolinas Bienestar “are carried out through contracts denominated in pesos at prevailing market rates. We have procedures in place to ensure that such sales are conducted in accordance with applicable legislation.”

Although PEMEX has classified the shipments to Cuba as sales, in the past, several sources consulted by Reuters indicated that some of these deliveries may have been made as donations, and the oil company has not clarified the payment mechanisms used.

So far, PEMEX has not responded to requests for information regarding the continuation of exports during 2025 or the specific contractual terms of these agreements.

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