In 1993, Cuban officials made the important decision to downgrade its protective barriers against energy-related investments and permit foreign firms to participate in the islandвЂ™s energy sector.

As a result of these hardships, Cuban energy officials had no choice but to turn to capitalist markets. For example, many Cubans, who normally used automobiles or jitneys as their primary source of transportation, were now forced to use bicycles. rallied its allies to collectively impose an embargo on Cuba, the islandвЂ™s inhabitants were forced to drastically change their daily habits to accommodate the major disruptions of electricity through repeated outages as well as the fitful functioning of natural gas supplies. The Soviet-built Cienfuegos refinery had not been completed and the country started to experience a severe shortage of oil. However, after the Soviet bloc unraveled in 1991, Cuba was cut off from its traditional supplier, thereby beginning its вЂњspecial periodвЂќ of harsh energy realities. During the 1970s, however, two factors led to an increased interest in oil-related matters: the discovery of the Varadero oil field on the Cuban coast in 1971, and the growing petroleum allocations from the Soviet Union. Cuba has slowly made progress through the operations of both state-owned and foreign enterprises, by means of new oil explorations and a stepped-up search for new energy alternatives, such as ethanol.ДЄlthough Cuban oil exploration originally got underway in the 1960s, very little production actually took place during that period. Hurdling over the barriers erected by Washington policymakers, Cuba, with increasing gusto, is turning to its oil and ethanol sectors to achieve energy security, despite the U.S.

The Cuban oil and ethanol industries have the potential to transform the island into a major player in global energy, which would guarantee its ability to successfully bypass the U.S.Venezuela proudly flaunts its involvement in the Cuban oil industry, despite the failed efforts of other foreign investors to produce commercially ranked results.Havana is on track for securing energy independence through relationships with foreign investors, including China and Venezuela, among others.The pace is now quickening for the Cuban oil industry, whose previous dependence on Moscow for its supplies and operations ended with the demise of the Soviet Union.

Prosper petroleum