Saturday, December 20, 2014

Falling Oil Prices Could Be One Of The Reasons for Cuba’s Pivot To The U.S | Apex Tribune

Falling Oil Prices Could Be One Of The Reasons for Cuba’s Pivot To The U.S | Apex Tribune: "Experts contend that one of the most productive oil and gas basins on the planet sits just off the North-West coast of Cuba. With its relations with the US on the mends, it now hopes that the Cuban Oil and Gas industry can finally get into action. The prospect has been welcomed by Cubans who are desperate to kick start their economy and achieve some parity in living standards of their superpower neighbor.

However the Cuban Oil boom is unlikely to happen any time soon and the biggest reasons are low oil prices and better prospects elsewhere.

Cuban oil industry has been long open to foreign investment; US sanctions denied it the best deep water drilling technology for extracting oil offshore. It is the biggest reason why Cuba produces a measly 55000 barrels of oil per day and one third of this is produced by just one company- a Canadian oil company named Sherritt International."



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