Mexico’s Pemex Increased Crude Shipments to Cuba in 2024, Filing Shows

Wedoany.com Report-May 7, Mexican state oil company Pemex significantly increased its crude oil exports to Cuba in 2024, boosting shipments by nearly 20%, according to a company filing released this week. The annual report, submitted to the U.S. Securities and Exchange Commission and published on Pemex’s website, detailed the export volumes and values as Cuba faced ongoing energy challenges.

A security guard walks in front of powerboats docked at the Havana's bay during a national electrical grid collapse, in Havana, Cuba March 16, 2025.

In 2024, Pemex’s affiliate, Gasolinas de Bienestar, exported 20,100 barrels per day (bpd) of crude oil and 2,700 bpd of oil products to Cuba, totaling $600 million. This marked a rise from 2023, when Pemex shipped 16,800 bpd of crude and 3,300 bpd of oil products, valued at $400 million, with exports beginning in July of that year. The increased shipments reflect Cuba’s growing energy needs amid persistent power shortages.

Cuba has faced frequent and prolonged power outages, particularly in 2024. A notable incident in March left over 10 million people in Havana and surrounding provinces without electricity for nearly two days. The island’s energy difficulties have been attributed to long-standing economic challenges.

Pemex, one of the world’s most indebted oil companies, saw its crude oil and condensate production decline by 11% in 2024. Despite this, the company maintained its export activities to Cuba. The filing noted: “These sales represented 2.8% of our total crude oil exports and 0.7% of our total sales of oil product, respectively.” While past reports suggested some shipments to Cuba were donations, the latest filing classified them as sales, though no additional details were provided.

Pemex did not respond to inquiries regarding whether exports to Cuba have continued into 2025 or about current shipment volumes. The company’s focus remains on balancing its domestic production challenges with its role as a key supplier in the region.

This development underscores Pemex’s ongoing efforts to support Cuba’s energy demands while managing its own operational and financial constraints, contributing to regional energy dynamics.