Doesn Cuba produce oil?
Cuba does produce its own oil, mostly from a reservoir off the north coast, discovered with the Soviets in 1971, but that oil is poor-quality “sour” crude. However, Cuba’s oil production has taken off in recent years, thanks to foreign investment from places like Spain and Canada. Spain’s Repsol-YPF and Cuba’s state-run oil company CUPET found large pockets of high-quality crude oil and natural gas off the coast near Havana in 2004. The U.S. Geological Survey later confirmed the find. Since then, companies from China, India, Canada and Norway have entered partnerships to drill for offshore oil in Cuba. The find has also sparked interest in the U.S. Two American congressmen have introduced bills in the U.S. House and Senate to exempt oil companies from the embargo on Cuba.
