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Wednesday, August 26, 2020

Backed Into A Corner -- Add Cuba -- August 26, 2020

Add Cuba to the list. Cash-strapped Cuba adds more power cuts

Cuba is deepening power cuts as US sanctions on its main fuel supplier Venezuela make it harder for the island to keep its lights on.

Venezuela's state-owned PdV has long supplied crude and fuel to Cuba under a barter agreement dating back two decades. But PdV's own production has fallen sharply and its refineries are mostly broken. One products tanker that has frequently shuttled between the two countries, the Cuba-flagged Maria Cristina also known as Carlota C, is currently berthed at the Cuban port of Cienfuegos after sailing from the Venezuelan terminal of El Palito in late July, according to ship-tracking data.

Cuba's state-owned Cupet has not answered a request for information about the status of its 65,000 b/d Cienfuegos refinery or oil import volumes.

Havana's past imports requiring cash payment have come from Russia, Iran, Algeria and Angola.

But Cuba has little hard currency to spare as foreign tourism wanes because of the Covid-19 pandemic and the US administration's blocking of cruise ships and flight restrictions.

Darn that Covid-19.

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Backed into a corner:

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