By Zoila Palma: The United States Treasury Department announced Wednesday that it will authorize companies seeking licenses to resell Venezuelan oil to Cuba, a move that could help ease the island’s severe fuel shortage, Reuters report.
Guidance posted on the department’s website outlines the conditions for such transactions, as Cuba grapples with an energy crisis affecting power generation, transportation, homes and aviation.
Cuba’s fuel woes intensified after Washington took control of Venezuela’s oil exports in early January following the capture of Venezuelan leader Nicolás Maduro.
Since then, Venezuelan oil shipments to the island have ceased.
For more than 25 years, Venezuela had been Cuba’s main crude and fuel supplier under a barter-based bilateral pact. Mexico, which had briefly emerged as an alternative supplier, also halted shipments after a January cargo reached Havana, according to shipping data.
Large trading houses such as Vitol and Trafigura manage much of Venezuela’s oil exports, with millions of barrels shipped to the United States, Europe and India, and additional volumes stored at Caribbean terminals for resale.
U.S. President Donald Trump has said that Venezuela’s allies, including China and Cuba, must now pay fair market prices for oil cargoes previously obtained through swaps, debt repayments or other agreements.
The post International News: U.S. allows resale of Venezuelan oil to Cuba to ease fuel crisis appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Zoila Palma: The United States Treasury Department announced Wednesday that it will authorize companies seeking licenses to resell Venezuelan oil to Cuba, a move that could help ease the island’s severe fuel shortage, Reuters report. Guidance posted on the department’s website outlines the conditions for such transactions, as Cuba grapples with an energy crisis
The post International News: U.S. allows resale of Venezuelan oil to Cuba to ease fuel crisis appeared first on Belize News and Opinion on www.breakingbelizenews.com.
