Cuba as a Hemispheric Petropower: Prospects and Consequences

H. Michael Erisman

doi:10.13169/intejcubastud.11.1.0043

Abstract

This article provides an overview of the evolving situation with regard to Cuba's oil prospects and explores the implications, especially with regard to Havana's foreign relations, of Cuba's potential emergence as a hemispheric petropower. It begins with an assessment of the size of the reserves and the problems of exploiting them. It then analyses the impact of the discovery of sizeable reserves on the Cuban economy and the concerns that this may raise with the US. There follows a discussion of the possible implications of Cuba becoming a petropower on international relations within the Caribbean and with Washington in particular. The article concludes that overall, the exploitation of large quantities of oil in Cuban waters of the Caribbean will be a positive development both for the Cuban economy and the relationship with the US.

Highlights

In 2008 reports began to circulate about the potential for significant oil deposits north of Cuba in the island’s offshore exclusive economic zone
In recent years the deterioration of the Venezuelan economy has undermined its ability to play that role, jeopardising ALBA’s viability. Cuba cannot at this point assume that financial responsibility, but it obviously could do so if it became a hemispheric petropower and thereby would enhance its leadership role in what represents its most ambitious venture into the complicated realm of regional integration
Havana would enjoy energy security for the foreseeable future, and would be able to generate a secure flow of hard currency from petroleum exports to cover the costs of vital imports, to support and expand social programmes, and to finance various economic development initiatives

Summary

Introduction

In 2008 reports began to circulate about the potential for significant oil deposits north of Cuba in the island’s offshore exclusive economic zone. The estimates ranged from approximately 5 billion barrels (US Geological Survey) to 20 billion barrels (Cuban government). If the mid to higher range of these estimates proves to be correct, Cuba will enter an exclusive club as one of the top 20 nations of. Michael Erisman, until his retirement, was Professor of Political Science at Indiana State University and is the author of numerous publications about Cuba’s international relations, Cuban Health Care and Medical Internationalism

19. Mexico

Findings

Conclusion