Oil Price in Cuba — Brent & WTI Crude Today

Cuba has only marginal onshore oil output and imports the bulk of its fuel, historically from Venezuela on preferential terms. Aging refineries and supply uncertainty leave the island highly exposed to global price shifts.

Classified here as a net importer, Cuba trades against WTI, with Brent for waterborne cargoes. That is the pricing reference the sections below work from — the headline Brent number quoted at the top of this page is the global marker, not necessarily the price Cuba settles at.

Cuba produces no meaningful volume of crude, so every barrel consumed has to be bought at an internationally set price. That makes the Brent benchmark a direct input into the trade balance: a sustained move in crude shows up in the current account, in the currency, and eventually in domestic inflation.

Product imports arriving from the US Gulf Coast are priced off WTI-linked refinery economics, while cargoes sourced from further afield are quoted against Brent.

Cuba refines for its own market. Domestic refining means crude is imported or produced and converted locally, so the local fuel price reflects crude cost plus the domestic refining margin rather than the landed cost of finished product. Refinery outages and turnaround schedules can therefore move pump prices here independently of Brent.

Crude is invoiced in US dollars worldwide. Where local prices are quoted in dollars or in a dollar-pegged currency, that removes one layer of volatility: buyers in Cuba face the crude move on its own, without an exchange-rate move stacked on top of it.