Russia is preparing to send a second oil shipment to Cuba, underscoring its commitment to supporting the island nation amidst a severe energy crisis and blockade. This follows the successful delivery of the first shipment, which the U.S. did not oppose, indicating a recent shift in American policy towards such fuel deliveries. The planned shipment aims to alleviate Cuba’s ongoing fuel shortages and blackouts, with Russia reiterating its intention to continue supplying the island.
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Crude prices are escalating to their highest levels in nearly two weeks, now exceeding $116 a barrel for Brent crude, due to an intensifying US-Israel war on Iran. Iran’s preparation for a potential US ground invasion and warnings to punish regional allies, coupled with Houthi missile launches at Israel and Israel’s expanded invasion of Lebanon, have significantly disrupted global energy supplies. The effective closure of the Strait of Hormuz by Iran, responsible for about one-fifth of global oil and LNG supplies, has plunged the world into its most severe energy crisis in decades, with prices already up nearly 60 percent and further increases anticipated.
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Asian governments are bracing for severe, prolonged energy supply disruptions, enacting crisis measures as a result. South Korea has established an emergency economic task force, while the Philippines has declared a national emergency due to critically low energy supplies. Japan is scrutinizing its petroleum supply chain, and India’s Prime Minister has cautioned of unprecedented wartime challenges for the nation.
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John Q. Hosedrinker