financetom
Business
financetom
/
Business
/
Oil cargo from Mexico en route to Cuba amid power crisis, data shows
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Oil cargo from Mexico en route to Cuba amid power crisis, data shows
Nov 3, 2024 12:52 PM

*

Tanker carrying about 400,000 barrels of oil en route to

Cuba

*

Tanker departed from Mexico's Pajaritos port

*

Cuba struggles to recover from collapse of power grid

*

Hurricane Oscar complicates electricity grid recovery

By Marianna Parraga and Adriana Barrera

HOUSTON/MEXICO CITY, Oct 28 (Reuters) - A tanker

carrying about 400,000 barrels of oil departed from Mexico's

Pajaritos port and was on Monday en route to Cuba, where an

acute energy crisis has left the island struggling to keep the

lights on, shipping data showed.

Cuba kept schools closed and non-essential workers home last

week as it struggled to recover from the collapse of its power

grid and a hurricane in recent days.

The Cuba-flagged tanker Vilma, expected to arrive in the

island later this week according to data from financial firm

LSEG, has exclusively been covering Mexico-Cuba routes this

year.

Mexico has been supplying Cuba with crude and fuel since

last year, complementing volumes sent by Venezuela, which is

Cuba's main oil supplier. A previous oil cargo was sent in

mid-September by Mexico to a port serving Cuba's Cienfuegos

refinery, the LSEG data showed.

From January through September, Mexico provided some 20,000

barrels per day (bpd) of Olmeca crude to Cuba, which mainly

arrived in Cienfuegos. In all of 2023, Mexico exported some

16,000 bpd of crude and refined products to the island,

according to the data.

The Mexican cargoes, onboard the same vessels that ferry

Venezuelan crude and fuel to Cuba, are supplied by a subsidiary

of state-run Petroleos Mexicanos, the company told the

Securities and Exchange Commission this year, adding that sales

are made using peso-denominated contracts and are valued at

market prices.

Pemex did not immediately reply to a request for comment.

Mexico's former President Andres Manuel Lopez Obrador

supported Cuba in several ways, including oil supply, while

President Claudia Sheinbaum has shown willingness to maintain

aid to the country.

The passage of Hurricane Oscar has complicated the recovery

of Cuba's already precarious electricity grid. The island

stabilized its electrical service last week, but warned that

outages would continue.

Cuba's outdated power plants reached crisis point this year

as oil imports from Venezuela and Russia dwindled, culminating

in a grid collapse this month.

Venezuela's oil supply to Cuba fell to 32,600 bpd in the

first nine months of the year from 60,000 bpd in the same period

of 2023, according to vessel monitoring data.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Elon Musk's xAI nears $10 billion deal to rent Oracle's AI servers, The Information reports
Elon Musk's xAI nears $10 billion deal to rent Oracle's AI servers, The Information reports
May 14, 2024
(Reuters) -Elon Musk's artificial intelligence startup xAI has been talking to Oracle executives about spending $10 billion to rent cloud servers from the company over a period of years, The Information reported on Tuesday, citing a person involved in the talks. The deal would make xAI one of Oracle's largest customers, the report said, as Musk looks to raise funds...
Update: Scilex Holding Says Federal Court Approved Settlement With Takeda Pharmaceutical in Gloperba Patent Dispute
Update: Scilex Holding Says Federal Court Approved Settlement With Takeda Pharmaceutical in Gloperba Patent Dispute
May 14, 2024
12:23 PM EDT, 05/14/2024 (MT Newswires) -- (Updates with Takeda comment in penultimate paragraph.) Scilex Holding ( SCLX ) said Tuesday the US District Court for the District of Delaware approved the settlement between the company, its subsidiary Scilex Pharmaceuticals, and Takeda Pharmaceuticals, resolving a patent infringement lawsuit related to potential gout treatment Gloperba. The company said the US Federal...
Ascent Solar Technologies to Deliver PV Module for Evaluation to Satellite Manufacturer -- Shares Rise
Ascent Solar Technologies to Deliver PV Module for Evaluation to Satellite Manufacturer -- Shares Rise
May 14, 2024
12:22 PM EDT, 05/14/2024 (MT Newswires) -- Ascent Solar Technologies ( ASTI ) said Tuesday it has secured a firm order for its photovoltaics modules for evaluation from a major satellite manufacturer. These modules will be tested for integration into the satellite manufacturer's latest hardware, intended for low Earth orbit. Ascent plans to collaborate with the customer on Plug and...
Market Chatter: Meta Platforms to Shut Down Workplace in 2026
Market Chatter: Meta Platforms to Shut Down Workplace in 2026
May 14, 2024
12:22 PM EDT, 05/14/2024 (MT Newswires) -- Meta Platforms ( META ) plans to shut down its Workplace business communication platform in 2026, TechCrunch reported Tuesday, citing an internal memo and unnamed sources familiar with the matter. Sources told TechCrunch that the company could announce the move later Tuesday. According to the report, the memo said the platform will continue...
Copyright 2023-2026 - www.financetom.com All Rights Reserved