Pemex Crude Exports to Cuba Collapse 96% in 2026

Crude oil exports from Petróleos Mexicanos (Pemex) to Cuba collapsed 96% in the first quarter of 2026, falling from 19,600 barrels per day (b/d) to just 900 b/d, according to the annual report the state oil company filed with the U.S. Securities and Exchange Commission (SEC).

The decline coincides with the January 30, 2026 entry into force of tariffs that U.S. President Donald Trump imposed on countries supplying crude to Cuba. Trump declared a national emergency with respect to the island through an executive order signed on January 29, as reported by El País. The measure characterized the situation as an unusual and extraordinary threat to U.S. national security.

The suspension reshapes a trade flow that in 2025 accounted for 3.3% of Pemex's total crude exports and, according to Al Jazeera, covered 44% of the island's petroleum imports. The value of the transactions fell from 3.1 billion pesos to 256.2 million pesos over the period, according to El Universal.

The shipments are routed through the subsidiary Servicios Logísticos Integrales Mumiya, S.A. de C.V. (formerly Gasolinas Bienestar), which changed its name on March 31, 2026. Its new director is Juan Carlos Carpio Fragoso, appointed last May.

Speaking to El Universal, Luis Miguel Labardini, a consultant at Marcos y Asociados, linked the reduction directly to the tariff threat and noted that the decision is convenient given that Cuba has not paid, and has not paid for many years, for the oil it receives.

In its SEC filing, Pemex stated that Mumiya's sales occur under peso-denominated contracts at prevailing market rates, with procedures designed to ensure compliance with applicable law. The company did not respond to El Universal's request for comment on the reduction in shipments.

The collapse in shipments to Cuba comes as Mexico negotiates the USMCA review with Washington. President Claudia Sheinbaum has raised the possibility of Mexican private companies, rather than Pemex, resuming the supplies, though analysts warn that any firm with exposure to the U.S. financial system faces the risk of secondary sanctions.

This article was drafted with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.