Mexico’s Pemex Vows To Continue Oil Exports To Cuba Amid Trump Threats
Mexico’s National Oil Company Pemex has announced that it intends to uphold its oil supply contract with Cuba despite growing pressure from U.S. President Donald Trump that Mexico distance itself from Cuba, Reuters reported on Wednesday.
According to Pemex CEO Victor Rodriguez Padilla, Pemex has an ongoing contract with Cuba from 2023 to deliver refined fuel. Rodriguez says his company will continue oil shipments to Cuba as long as there is crude available.
Last week, Mexican President Claudia Sheinbaum revealed that her country had temporarily suspended oil exports to Cuba but insisted that the move was due to general fluctuations in oil supplies and not due to pressure by Washington.
“Pemex makes decisions in the contractual relationship it has with Cuba,” Sheinbaum said. “Suspending is a sovereign decision and is taken when necessary,” she added.
Last week, Trump signed an executive order threatening punitive tariffs against any country, including Mexico, that supplies oil to Cuba. On Monday, the fiery U.S. leader told reporters that "Mexico is going to cease sending them oil," calling Cuba a "failed nation".
Following the fall of Nicolas Maduro in Venezuela, Mexico has become a critical supplier of oil to Cuba, which is facing a severe energy crisis. While Sheinbaum initially pledged to continue sending humanitarian aid to Cuba despite U.S. pressure, reports indicated she was reviewing the policy due to fear of U.S. tariffs.
Pemex has been a key supplier of oil to Cuba, exporting roughly 17,000 to 20,000 barrels per day (bpd) of crude and refined products throughout 2024 and early 2025. These shipments, often termed humanitarian aid by the Mexican government, were valued at over $1 billion by late 2025, with a significant portion sent via the subsidiary Gasolinas Bienestar.
The shipments have faced scrutiny due to their subsidized nature and their impact on Pemex's debt load. Pemex has been supplying oil to Cuba, often with uncertain payment terms that appear to be on credit or in exchange for services, amidst high debt to its own suppliers and financial constraints. While officially recorded as accounts receivable, these shipments are often characterized as aid, with potential for becoming unpayable.
By Alex Kimani for Oilprice.com