Russia to supply oil to Cuba

Rosneft, Russia’s largest oil company, will supply over 250,000 tons of oil and diesel to Cuba, by virtue of an agreement with state-run Cubametales, according to EFE.

The statement issued by the Russian company does not specify the terms of the contract, which was signed in March, although some experts value the operation at around $100 million.

This resumption of Russian oil supply to Cuba comes at a time when the situation is worsening in Venezuela, the island’s main supplier for almost twenty years.

However, Venezuelan exports to Cuba – which were heavily subsidized – have dropped, both due to declining oil prices and economic and political instability in the South American nation.

This new wave of Russian oil exports to Cuba is a “political decision”, the president of Energy Development Organization Sergei Pinkin told Forex.ru.

“This is evidently just a financial aid,” he added.

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