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CUBA: OIL PRODUCTION IS UP BUT SO IS THE COST OF IMPORTED OIL

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Please use this identifier to cite or link to this item: http://hdl.handle.net/1928/11200

CUBA: OIL PRODUCTION IS UP BUT SO IS THE COST OF IMPORTED OIL

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Title: CUBA: OIL PRODUCTION IS UP BUT SO IS THE COST OF IMPORTED OIL
Author: Noticen
Subject: energy
heavy crude
electricity
generation
reduction
foreign
investors
Soviet Union
Zona Economica Exclusiva
ZEE
MINBAS
Ministry of Basic Industry
market
legal
protection
government
PETROBRAS
Cuba Petroleo
CUPET
Venezuela
PDVSA
Abstract: To reduce energy costs, the Ministry of Basic Industry (MINBAS) announced in early March that it would increase domestic oil production this year by more than 30% to a total output of 23.8 million barrels. Production of natural gas is projected at 660 million cubic meters--a 45% increase over last year. However, the rising price of imported oil threatens to cancel out much of the savings from domestic production. Cuban oil is heavy crude used mainly for electricity generation and for various industrial applications. Domestic production supplies half the island's electricity needs and all its energy requirements in the cement industry.
Date: 2000-03-30
URI: http://hdl.handle.net/1928/11200


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