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Cuba's Key Energy Statistics world rank
Total Primary Energy Consumption
2016
0.43
Quadrillion Btu
77
Total Primary Energy Production
2016
0.167
Quadrillion Btu
93
Imports of Crude Oil including Lease Condensate
2016
105
Thousand Barrels Per Day
44
Exports of Crude Oil including Lease Condensate
2016
0
Thousand Barrels Per Day
--
Production of Crude Oil including Lease Condensate
2017
50
Thousand Barrels Per Day
50
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Map of Cuba
Map of Cuba

Analysis - Energy Sector Highlights Last updated: July 2016

  • Cuba imports the majority of their energy needs, but offshore oil and gas potential could help mitigate their reliance imports. Cuba has entered into many agreements with various countries to help with exploration and drilling efforts. As a result of the ongoing U.S. trade embargo against Cuba, U.S. companies are unable to own any Cuban oil assets. However, U.S. oil companies are allowed to participate in drilling as well as sending technology and supplies with an executive license. While there is interest in Cuban offshore assets, the combination of low oil prices and technically challenging fields could be stumbling blocks for foreign investment.
  • Cuba is also seeking to diversify its energy supply with renewable sources as the country anticipates economic recovery and development. Cuba's location provides ideal conditions for renewable energy growth within the country.
  • As a net oil importer, Cuba produced an estimated 49,000 barrels per day (bbl/d) of petroleum and other liquids in 2015 and consumed 172,000 bbl/d. Cuba imports most of its oil supply from Venezuela, which provides crude oil at a heavily subsidized rate under a 2000 energy agreement. According to Brookings Institute, Cuba received more than 100,000 bbl/d of crude oil and oil products from Venezuela in 2011. Because of the Venezuelan economic and political crisis, Venezuela reduced shipments of subsidized crude oil to Cuba from 100,000 bbl/d in 2012 to 55,000 bbl/d in 2014. During the first half of 2016, Cuba received an average of 53,500 bbl/d from Petroleos de Venezuela, S.A. (PDVSA), the Venezuelan state oil company, which was a 40% decline compared to the level in the first half of 2015.
  • As of January 2016, Cuba had 124 million barrels of proven crude oil reserves, according to Oil and Gas Journal (OGJ).
  • The prospects of finding oil in the deep waters off the northern coast of Cuba attracted many oil and gas companies from around the world. However, as a result of the geological and technological challenges, offshore deepwater exploration activity has so far yielded no results.

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