On Friday, President Donald Trump declared that Cuba is in dire straits and will no longer receive financial benefits from Venezuelan oil due to a U.S.-led overhaul of the petroleum situation in that region.
“Cuba is in tough shape. The nation relied on Venezuela for oil and money... things are going very poorly for them—like a full-on Third World situation... now, they won’t be getting any money,” Trump remarked during a White House meeting with top executives from major energy companies. The gathering was called to discuss the rebuilding of Venezuela’s oil industry and to establish the role of Washington as a mediator.
Marco Rubio delivered a more straightforward political message: “The people in control of Cuba have a choice: they can create a real country with a thriving economy for their citizens, or they can continue with their failed dictatorship.”
Both statements link economic pressure with an explicit demand for a change in Cuba's governance model, eschewing diplomatic subtleties.
The immediate backdrop to these comments is Trump's announcement that the United States will decide which oil companies can operate in Venezuela, negotiating directly with Washington rather than the Venezuelan government.
Trump assured businesses of “complete security” and emphasized that the relationship will focus on stability, security, and lowering oil prices for American consumers, as reported by Infobae.
Since being sanctioned in 2019, Venezuela, which holds nearly a fifth of the world's reserves, produced about 1% of global crude in 2024, according to the Organization of the Petroleum Exporting Countries (OPEC), following years of underinvestment and U.S. sanctions.
The Republican administration is advocating for a selective relaxation under U.S. control as part of the new phase opened by the capture of Nicolás Maduro and his wife on January 3 during a U.S. military operation.
The president articulated that the goal is to stabilize Venezuela and ensure that oil revenues are managed to benefit the Venezuelan population.
Trump has reiterated that his administration will be “in charge of Venezuela’s oil” after announcing that the South American country’s crude exports could reach up to 50 million barrels, equivalent to about $2 billion.
In this context, Cuba is depicted as a declared collateral damage, as the island remains portrayed as dependent on external support that Washington aims to manage and condition.
Cuba and Venezuela's Oil Crisis: Key Questions Answered
How has Cuba's economy been affected by the changes in Venezuelan oil policy?
Cuba's economy, which heavily relied on oil and financial support from Venezuela, is expected to face severe challenges due to the U.S.-led changes that cut off this vital source of income.
What are the implications of the U.S. controlling Venezuela's oil operations?
The U.S. control over Venezuela's oil operations is intended to stabilize the country and ensure that the oil revenues are used to benefit the Venezuelan population, while also aiming to lower oil prices for American consumers.