Although no results were seen in terms of power generation, Venezuelan oil shipments to Cuba experienced a notable increase compared to the previous month.
After reduced shipments in recent months, the arrival of Venezuelan oil to Cuba experienced a jump in July, when 31,000 barrels per day (bpd) of crude oil, gasoline and jet fuel were shipped to the island, although no results were seen in terms of power generation.
The data, cited by Reuters, corresponds to vessel tracking reports and documents from the state-owned oil company PDVSA, which experienced an approximate 10% drop in its exports during the seventh month of 2025, according to the press report.
Specifically, at the end of July, Washington authorized Chevron to operate and export its crude oil to the United States under a restricted license that does not allow payments to the government of Venezuelan President Nicolás Maduro.
Other PDVSA partners are still awaiting similar authorizations.
However, Chevron CEO Mike Wirth stated last Friday that the company would resume exports of Venezuelan oil to the United States this August, under the new license and in a limited quantity.
Wirth, according to Reuters, did not provide further details on the terms of the authorization, which was privately issued to the company.
Oil to Cuba, with secret formulas
In May, Minister of Energy and Mines Vicente de la O Levy explained that Venezuela remained the main supplier of crude oil, although it had reduced its shipments due to U.S. sanctions against Caracas.
Miguel Díaz-Canel also addressed the issue, acknowledging that the island was nevertheless using a “formula” to circumvent sanctions in order to continue receiving these shipments. The statements were made on his podcast “Desde la presidencia” (From the Presidency).
According to January data, the arrival of Venezuelan oil to Cuba had experienced a “historic drop,” standing at around 10,000 barrels per day, less than half of what was supplied in December 2024.
Although the figure appears to have reversed in February, it was still far from what was agreed upon by Hugo Chávez and Fidel Castro. According to another Reuters report, PDVSA closed 2024 with the export of 24,000 barrels per day to Cuba, while in 2023 they were around 56,000. In June, Venezuelan oil exports to Cuba were 8,000 barrels per day.
The reduction in fuel supplies to Cuba has been noticeably visible and has a direct impact on sectors such as transportation and power generation, one of the sectors most affected by the current economic crisis affecting the country and consuming citizens’ daily routines.
As for PDVSA, in July it registered an increase in its exports to China, reaching approximately 95% of its total exports. Overall, the company exported an average of 727,000 barrels per day (bpd) of crude oil and refined products, down from the 807,000 bpd recorded in June.
