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Mexico's Open Oil Contract with Cuba Amid U.S. Tariff Threats

KVIA•Wednesday, February 4, 2026 at 5:05 PM•CNN Newsource

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The Mexican government has confirmed that its state-owned company, Pemex, has an open contract to sell oil to Cuba in 2023, responding to the island's urgent energy needs. This arrangement is crucial as Cuba faces a potential humanitarian crisis due to the loss of Venezuelan oil supplies and looming tariffs from the Trump administration on countries that sell oil to Cuba. Mexican President Claudia Sheinbaum emphasized the importance of maintaining support for Cuba while navigating these diplomatic challenges. Pemex's oil sales to Cuba have generated significant revenue, with projections of $496 million by 2025, despite representing a small fraction of Mexico's overall oil production. The situation underscores the delicate balance between humanitarian assistance and economic interests.

Key Details: • Pemex's open contract with Cuba is based on oil availability. • Projected revenue from oil sales to Cuba is $496 million by 2025. • Cuba has consistently met its payment obligations to Pemex. • Mexico prioritizes domestic oil processing over exports.

trump oil humanitarian cuba pemex

People & Organizations

CubaClaudia SheinbaumPemexPetróleos MexicanosVíctor Rodríguez Padilla

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