Title : Why Is Venezuela Buying Foreign Oil To Be Shipped To Cuba?
link : Why Is Venezuela Buying Foreign Oil To Be Shipped To Cuba?
Why Is Venezuela Buying Foreign Oil To Be Shipped To Cuba?
HOUSTON (Reuters) - Venezuela’s state-run oil firm PDVSA has bought nearly $440 million worth of foreign crude and shipped it directly to Cuba on friendly credit terms - and often at a loss, according to internal company documents reviewed by Reuters.
The shipments are the first documented instances of the OPEC nation buying crude to supply regional allies instead of selling them oil from its own vast reserves.
Venezuela made the discounted deliveries, which have not been previously reported, despite its dire need for foreign currency to bolster its collapsing economy and to import food and medicine amid widespread shortages.
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WNU Editor: Venezuelan - Cuban relations have been very tight ever since a pact was signed in 2000 by the late presidents Hugo Chavez and Fidel Castro. Since that time Cuba has provided assistance ranging from medical doctors to intelligence/security services. Cuba is not doing this for free .... they want to be paid. My guess has always been that this arrangement was to be paid for by Venezuela via through oil shipments .... such as this one.
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