Article link: https://www.reuters.com/business/energy/cuba-struggles-buy-fuel-imports-venezuela-dwindle-data-2022-04-05/
Cuba might be the country that is struggling the most in regard to oil. Cuba currently cannot produce nearly enough oil to steadily provide for the entire country and has to look to neighbors for help. Their biggest ally is Venezuela when it comes to oil and they also happen to have a good relationship. Cuba and Venezuela have had a deal for a little while now that gives Cuba a chance to buy some of Venezuela’s oil. With sanctions placed on Venezuela due to its ties with Russia, Cuba can no longer rely on Venezuela to provide their oil and must look for other countries to buy from, leaving the prices of oil in Cuba skyrocketing.
The sanctions placed on Russia aren’t affecting their economy too much at the moment, but rather affecting their allies more. It is tough luck for Cuba as they don’t have too many other options to look at when deciding to purchase oil. The United States is close to Cuba but I don’t necessarily see the U.S. government lending a hand to Cuba. It is crazy to see this war affecting so many countries like Cuba who really have no say in it and have to take the punches. Venezuela is taking a massive hit as well, as they currently can’t do any trading or selling of products and therefore lose out on massive sales.
This is a great example of being careful who you’re friends with. It is easy to forget when a country becomes allies with each other and how much faith they have in each other. That is why for me it is crazy to see countries want to work with the likes of Russia or China because clearly they are outnumbered. Cuba knowing that Venezuela works with Russia is not too smart of a move to buy oil from them because it was always in the realm of possibilities that Russia could start a war, especially with someone like Putin in power.