Cuba
July 28, 2016 5:28 PM
Economists debate how hard Venezuelan economic storm will hit Cuba
In this July 11, 2014 file photo, an oil well pump operates in Boca de Jaruco, Cuba. Officials are warning of tough times with authorities ordering energy-saving measures and some state entities reducing hours of operation. Desmond Boylan AP
By Mimi Whitefield
mwhitefield@miamiherald.com
Another country stole attention at the opening session of the Association for the Study of the Cuban Economy conference in Miami as the impact on Cuba of the potential end of Venezuelan oil largesse became a prime topic for debate.
Faced with mounting energy problems, Cuban officials announced strict energy savings measures at state enterprises earlier this month in hopes of avoiding blackouts during the sweltering summer months. Officials have said Cuba will have to cut fuel consumption by 28 percent during the second half of the year.
Cuba produces about 50,000 barrels of crude oil a day and has relied on Venezuela for the other 80,000 to 90,000 barrels it needs daily. But with Venezuela on the ropes economically, continued supplies are uncertain, said Jorge Piñón, an analyst at the University of Texas’ Center for International Energy and Environmental Policy.
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