PDVSA To Stop OIl Delivery To Cuba

PDVSA will resume the delivery of 53,000 barrels a day of crude oil to Cuba, now that a payment dispute has been settled, according to a report in El Nacional. "Last week's talks have been concluded and the oil company and Cuba have reached an agreement," Trade Minister Ramon Rosales was quoted as saying.

Cuba hadn't received oil since a failed coup against President Hugo Chavez in earlier this year. During the 48 hours Chavez was ousted from power, PDVSA officials refused to deliver oil to Cuba, claiming Venezuela was giving its oil away. However, after Chavez returned to power, the government said it would resume shipments, but urged the Cubans to pay. According to PDVSA, Cuba's debt had run up to $142 million.

The shipments will resume effective August 1, under financial terms favorable to Cuba. Venezuela supplies Cuba with one-third of its oil.

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