Cuba: new OPEC member?

Cuba: new OPEC member?
June 12, 2009

Implications

Altough Cuba may have crude reserves... are they exploitable?Venezuela's
oil exports to Cuba increased 22%

Analysis

The following analisys is published in today's edition of
www.el-nacional.com
"While Venezuela reduces its crude sales to accomplish OPEC's quota,
Cubans oil exports flourish to 22%, according to the office.
We do know that the Cuban's oil production has been historically low,
but now Venezuela gifts them 115K bpd, in a supposedly exchange of
specialized people in medics and tourism: as long as the oil exports to
Cuba don't add revenues to Venezuela, Chavez ordered to increase the
exports to cuba in a 32%, and meanwhile its traditional exports to US
and Europe were dramatically reduced.
Although Cuban companies were ordered a 12% energy cut-off,
surprinsingly the venecuban business surpasses all expectations..."

The bottomline is, Cuba's not an oil exporter: Venezuela is. The Chavez
regime's been deviating PDVSA resources to accomplish his personal debt
to Castro brothers, and not even knowing the outcome of it, placing a
high bet on Fidel.

Cuban oil? Take a look to its API. It's venezuelan!

Cuba: new OPEC member? - GLG News (22 June 2009)
http://www.glgroup.com/News/Cuba--new-OPEC-member--40351.html