Cuba claims massive oil reserves

Posted by Tim
October 21, 2008

BBC NEWS | Americas | Cuba claims massive oil reserves.

I have not found the news linked above anywhere else. This could be a benefit to the U.S. in the event of future normalized relations between the two countries. The states would be a natural market for increased petroleum production in Cuban waters. The report claims that the reserves in the coastal water are significantly higher than previously believed:

If correct, Cuba’s oil reserves would be almost the same as those of the US – 21bn barrels, according to the Oil & Gas Journal – and nearly twice the size of Mexico’s – 11.7bn barrels.

Cuba currently produces 60,000 barrels of oil per day and imports 93,000 barrels per day from Venezuela at preferential rates.

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