HAVANA — The Russian invasion of Ukraine is making Cuba’s three-year-old foreign exchange crisis worse as import costs jump, undermining an incipient recovery and threatening more hardship for residents, according to economic experts and businessmen. Vital imports including fuel and grains have seen prices soar between 25 percent and 40 percent this year, putting new […]
Tag: Organization of Petroleum Exporting Countries (OPEC)
United Arab Emirates Emerges As Hub For Companies Helping Venezuela Skirt U.S. Oil Sanctions, Report Says
ABU DHABI — In June, the United States imposed sanctions on half a dozen oil tankers managed by established shipping firms. It was a major escalation of American attempts to choke off Venezuela’s oil trade. Within weeks, a little-known company based in the United Arab Emirates took over management of several tankers that had been […]
Limetree Bay Refinery On St. Croix Sells 1st Oil Product After Yearlong Delay
CHRISTIANSTED — Limetree Bay Ventures on St. Croix sold the first oil product to a buyer in the Gulf Coast on Monday, according to a shipbroking source and Refintiv Eikon data, nearly a year after the long-shuttered facility was expected to restart. Oil major BP Plc took delivery of approximately 216,000 barrels of naphtha, a […]
Cuba’s Money Worries Linked To Its Dependence On Imported Oil
HAVANA — Cash-strapped Cuba plans fresh austerity measures and will pressure the sluggish bureaucracy to tighten its belt and cut red tape to address weak growth, falling export earnings and rising debt. The economy has averaged one percent annual growth over the last three years, compared with a five percent to seven percent rate economists […]