Between January and March 2025, the Mexican government supplied the Cuban regime with an average of 19,600 barrels of oil per day. According to a document reviewed by El Universal, during the quarter ending March 31, 2025, Gasolinas Bienestar S.A. de C.V. exported not only 19,600 barrels of crude oil daily but also 2,000 barrels of petroleum products each day. The shipments are valued at an estimated total of 3,100 million Mexican pesos, approximately 166,568,270 USD, marking the seventh consecutive quarter of hydrocarbon exports to the island.
These shipments account for 3.3% of Pemex's total crude oil exports and 1.9% of all gasoline and petroleum product exports. El Universal notes that Pemex was required to report these exports to the United States Securities and Exchange Commission (SEC). "Sales by Gasolinas Bienestar S.A. de C.V. are conducted under peso-denominated contracts at prevailing market rates. We have procedures to ensure these sales comply with applicable legislation," reads a Pemex document filed with the SEC, according to El Universal.
Strategic Moves to Avoid Sanctions
Since 2023, these shipments have been managed by Gasolinas Bienestar S.A. de C.V., a wholly-owned subsidiary of Pemex, which acquires crude from some of Pemex's affiliated companies for export to the Cuban regime. This strategy, as explained by Mexican experts, prevents the exports from being handled by PMI, Pemex's subsidiary responsible for gasoline imports and crude exports to the United States. "This approach aims to avoid sanctions, as PMI conducts transactions within the international payment system and could face issues. Hence, the Mexican government clarifies that it operates through Gasolinas Bienestar S.A. de C.V.," stated Gonzalo Monroy, director of GMEC consultancy.
Political and Ideological Implications
Manuel Valencia, a professor at Tecnológico de Monterrey, argues that "under the hypocritical pretext of peoples' self-determination, Mexico has never condemned the Cuban regime since 1959, nor does it criticize Venezuela, for example. Mexico refrains from judgment, essentially tolerating and aiding these regimes, aligning with a leftist stance." Meanwhile, Ana Lilia Moreno, coordinator of the Competition and Regulation Program at Mexico Evalúa, believes the shipments to Cuba serve a political narrative. "Given that our current and previous administrations ideologically align more closely with governments like Cuba's, reporting the transaction to the United States challenges the narrative that the economic blockade is solely responsible for Cuba's scarcity and hardship," she told El Universal.
In 2024, Gasolinas Bienestar exported 20,100 barrels per day (bpd) of crude and 2,700 bpd of petroleum products to the island, valued at 600 million USD, according to Pemex reports submitted to the SEC. In 2023, shipments began in July, totaling 16,800 bpd of crude and 3,300 bpd of refined products, amounting to 400 million USD. Despite being one of the world's most indebted oil companies, with financial obligations exceeding 101 billion USD and supplier debts nearing 20 billion USD, Pemex states that sales to Cuba constituted 2.8% of its total crude exports and 0.7% of its derivative product shipments.
Key Details on Mexico's Oil Exports to Cuba
Why does Mexico use Gasolinas Bienestar S.A. de C.V. for exports to Cuba?
Mexico uses Gasolinas Bienestar S.A. de C.V. to handle exports to Cuba to avoid sanctions. This subsidiary allows Mexico to conduct transactions without involving PMI, which is more exposed to international payment systems and potential sanctions.
What is the value of Mexico's oil shipments to Cuba in early 2025?
The oil shipments from Mexico to Cuba in early 2025 are valued at approximately 3,100 million Mexican pesos, or around 166,568,270 USD.
How do these exports impact Pemex's overall exports?
The exports to Cuba represent 3.3% of Pemex's total crude oil exports and 1.9% of its gasoline and petroleum product exports.