News via Energy Daily that Cuba and Venezuela have signed agreements aimed at strengthening their economic ties, particularly in the energy sector, where Caracas hopes to bolster Cuba’s oil industry.

“…Potential oil reserves off the coast of Cuba have in recent years piqued the interest of both regional and global oil powers like Venezuela, the largest oil producer in South America, and China, which has sent oil rigs to Cuba.
According to the U.S. Geological Survey, some 4.6 billion barrels of crude oil may be below the ocean floor of the Northern Cuban basin. The reserves are said to possibly rival the estimated reserves in Alaska’s Arctic National Wildlife Refuge.

…Several nations are already banking on Cuba’s oil potential. China has invested an estimated $1 billion in Cuba with the intention of exploring its offshore deposits. Last week India’s state-run oil company signed a deal to explore offshore as well….”