Skip to content
Subscriber Only

U.S.-Cuba Deal Shows Venezuelan Oil Giveaways Running Out

While Pope Francis is applauded for helping broker this week’s U.S.-Cuba accord, a key motive for Cuba is Venezuela’s diminishing oil gifts to its biggest ally.

Venezuela sent about 100,000 barrels a day to Cuba last year in exchange for medical personnel as part of a regional subsidy program to promote the government’s socialist message. While there’s no official data for shipments to Cuba this year, anecdotal evidence suggests volumes have already slumped to about 70,000 barrels a day, Moody’s wrote Dec. 16.