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Cuba Oil · Treasury Department · US Sanctions · Venezuela
The U.S. Treasury Department has announced a new policy that will authorize companies to seek licenses for reselling Venezuelan oil to Cuba.
This move aims to alleviate Cuba's severe fuel shortage, which has been exacerbated since the U.S. took control of Venezuela's oil exports. Historically, Venezuela has been Cuba's primary oil supplier.
The new policy allows for transactions that support the Cuban people and the private sector, but explicitly excludes those benefiting the Cuban military or government institutions. While this opens a potential avenue for oil imports, it remains uncertain if Cuba can afford commercial terms for these purchases, given its recent struggles in the spot market.
The authorization comes amid regional concerns about Cuba's growing humanitarian crisis.
US Treasury Authorizes Venezuelan Oil for Cuba, Potentially Reshaping Regional Fuel Markets(current)
