Venezuelan Oil Shipments to Cuba Surge in February

In February, there was a substantial increase in crude oil and fuel shipments from Venezuela to Cuba, following actions taken by Donald Trump, as reported by vessel tracking data from Reuters. Amidst a severe energy crisis, Cuba received approximately 42,000 barrels per day (bpd) of crude and fuel from the South American nation, reinforcing the energy support of its political ally.

Back in October, Venezuela exported 28,000 bpd to the island and raised its exports in November to 38,000 bpd. However, the figures in February were notably higher. Overall, Venezuela boosted its shipments to various countries in the second month of the year to the highest levels since November. This was due to the uncertainty surrounding the United States' decision to terminate a crucial license that allowed the oil company Chevron to operate and export crude from the South American country.

Since Chevron secured the license in late 2022, Venezuelan oil production and exports had been on the rise, offering a vital source of revenue for Nicolás Maduro's regime. In January, over 30% of Venezuela's total exports were directed to the United States; however, Trump stated that Venezuelan oil was unnecessary and provided Chevron with a 30-day period to cease operations in that country.

In February, the state-run company Petróleos de Venezuela (PDVSA) and its partners exported an average of 934,465 bpd of crude and fuels. China remained the primary destination with approximately 503,000 bpd, followed by the United States with 239,000 bpd, Europe with 69,200 bpd, and India with 68,000 bpd. Additionally, Venezuela exported 315,000 metric tons of petroleum and petrochemical by-products, including methanol and urea, a decrease compared to the 360,000 tons shipped in January.