U.S. Targets Venezuela-Cuba Oil Trade to Weaken Maduro Regime

The United States is intensifying efforts to disrupt the oil trade between Venezuela and Cuba as part of a strategy to destabilize the regime of Venezuelan President Nicolás Maduro. In a recent announcement, U.S. Secretary of State Marco Rubio emphasized the importance of targeting financial flows that sustain the Maduro government, aiming to weaken its ally, Cuba.

During President Donald Trump’s first term, there was a moment when the Maduro regime appeared vulnerable to collapse. However, support from Cuba helped stabilize the regime. According to a report by The New York Times journalists Michael Crowley and Edward Wong, this frustration among U.S. officials, including Rubio, led to a renewed focus on curtailing Cuba’s support for Venezuela. “Their theory of change involves cutting off all support to Cuba,” noted Juan S. Gonzalez, who served as President Joe Biden’s top aide for Western Hemisphere affairs. He added, “Under this approach, once Venezuela goes, Cuba will follow.”

The recent seizure of the tanker Skipper, which was transporting crude oil contracted by Cubametales, Cuba’s state oil trading firm, highlights the complexities of this trade relationship. Journalists Anatoly Kurmanaev, Nicholas Nehamas, and Farnaz Fassihi reported that Skipper’s destination was the Cuban port of Matanzas. Shortly after departing, the vessel transferred approximately 50,000 barrels of oil to another ship, Neptune 6, which proceeded toward Cuba.

For decades, Venezuela has provided Cuba with oil at subsidized rates, a crucial lifeline for the island nation facing economic hardship. In exchange, Cuba has sent medical personnel, sports instructors, and security professionals to Venezuela, reinforcing Maduro’s regime. As Maduro relies increasingly on Cuban support, particularly for protection against potential U.S. military actions, the stakes of this oil trade become more pronounced.

Despite this longstanding relationship, recent data from PDVSA, Venezuela’s state oil company, indicates that only a fraction of the oil allocated for Cuba has reached its shores in recent years. Instead, much of it has been redirected to China, providing essential hard currency for the Cuban economy, as confirmed by multiple sources close to the Venezuelan government.

Central to this oil flow is Ramón Carretero, a Panamanian businessman identified as a key intermediary between Cuba and Venezuela. The U.S. Treasury Department imposed sanctions on Carretero for his role in facilitating shipments of Venezuelan petroleum. Carretero has not publicly commented on the sanctions.

Interestingly, the Skipper tanker has a history that includes participation in Iran’s covert oil operations, having transported Iranian oil prior to its involvement with Venezuela. This connection underscores the geopolitical intricacies surrounding oil trade in the region.

The U.S. strategy appears aimed at significantly reducing the oil supply from Venezuela to Cuba and, by extension, to China. This disruption could have far-reaching consequences, potentially exacerbating Cuba’s economic crisis and further destabilizing Maduro’s regime. So far, China has not responded to the seizure of the Skipper or the impact on its crude oil supplies.

In summary, the U.S. is actively pursuing financial measures to undermine the Venezuela-Cuba oil axis. As these developments unfold, the dynamics of power in the region may shift, placing additional pressure on both nations amid ongoing economic challenges.