Opportunity Crudes

Venezuela and Russia send oil to Cuba.


According to an internal document from state-owned PDSVA, Venezuela has resumed shipments of light crude to Cuba after an eight-month break. According to the documents, PDVSA shipped 1.39MM bbl of Mesa 30 crude to Cuba in March along with a 596K-bbl cargo of reconstituted crude. Earlier in 2017, Venezuela had only shipped about 500-600K bbl to Cuba each month. The increased volumes, sources said, should allow Cuba to restart its 65K-b/d Cienfuegos refinery, helping to resolve an ongoing fuel shortage in the country.

But Venezuela is not Cuba's only source of fuel. On May 3, Russian state producer Rosneft announced that it had signed a deal with Cuban state-run Cubametals to supply 250K mt of oil and diesel fuel. Sources said that a Russian tanker carrying 249K bbl of refined products was already en route the island nation. Cuba consumes about 140K b/d of oil products, including about 22K b/d of diesel. (May 2, 3)

Source: Worldwide Refining Business Digest Weekly.e, May 8, 2017.



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