Summary
Altough Cuba may have crude reserves... are they exploitable?Venezuela's oil exports to Cuba increased 22%
Analysis
The following analisys is published in today's edition of www.el-nacional.com
"While Venezuela reduces its crude sales to accomplish OPEC's quota, Cubans oil exports flourish to 22%, according to the office.
We do know that the Cuban's oil production has been historically low, but now Venezuela gifts them 115K bpd, in a supposedly exchange of specialized people in medics and tourism: as long as the oil exports to Cuba don't add revenues to Venezuela, Chavez ordered to increase the exports to cuba in a 32%, and meanwhile its traditional exports to US and Europe were dramatically reduced.
Although Cuban companies were ordered a 12% energy cut-off, surprinsingly the venecuban business surpasses all expectations..."
The bottomline is, Cuba's not an oil exporter: Venezuela is. The Chavez regime's been deviating PDVSA resources to accomplish his personal debt to Castro brothers, and not even knowing the outcome of it, placing a high bet on Fidel.
Cuban oil? Take a look to its API. It's venezuelan!
This author consults with leading institutions through GLG
Analyses are solely the work of the authors and have not been edited or endorsed by GLG.
