It is there that Cuba plans to drill for oil, after the discovery of highly promising oil and gas reserves in the North Cuba Basin in 2004. Should U.S. oil companies, such as Exxon Mobil , which ...

Access to “the largest oil reserves on the planet” In the early 2000s, Castro and Chavez struck a barter deal that pulled Cuba from the depths of its economic crisis with generous dose of ...

“Cuba has crude oil: it is logical not to import ... less fuel oil from the country sitting on the world’s largest oil reserves is reaching Cuban shores to power the old power plants on ...

The U.S. Geological Survey estimates that the waters north and west of Cuba contain 4.6 billion barrels of oil. State-owned Cubapetroleo says undiscovered offshore reserves all around the island ...

MEXICO CITY - A delegation of Cuban officials made another pitch for investment in its oil sector Saturday to a smaller group of Americans after being forced to relocate by U.S. government pressure.

The functioning of the Cuban economy hinges on imported petroleum. In the 1980s, Cuba depended on the USSR to supply 98 percent of its crude oil needs. Following the end of Soviet subsidies, Cuba’s so ...

There’s a shadow fleet sneaking Russian oil around the world ... and the country is short on cash. Cuba has little access to foreign currency reserves because its exports are low.

Chevron (CVX) stock slightly declined Thursday after the U.S. Secretary of State, Marco Rubio, said the company’s license to ...

As the Obama administration gestures toward improved relations with the Castro government, the security, energy and economic benefits of Cuban crude oil may make it an incentive for change.

Cuba relies almost entirely on imported oil and natural gas for electricity. Cubans consume 153,000 barrels per day, and of that, only a little under 50,000 barrels are produced domestically.

As we mentioned in our article – Oil and Gas Production by State: Top 15 – the global oil and gas market was valued at $6.99 trillion in 2022, and is expected to grow to $8.67 trillion by 2027 ...

Puny foreign-currency reserves and a weak peso make it ... mostly confined to the banging of pots and pans. Even if Cuba’s ancient fleet of oil-burning generators can be kept running, the ...