Cuba Was Barely Holding On… And Then The Oil Ran Out

Summary by Krater

An economic analysis of Cuba's deepening crisis driven by the US trade embargo, the loss of Venezuelan oil and Soviet subsidies, and structural failures in the country's energy grid, tourism and currency reforms.

From the video

Answers: Why is Cuba's economy in crisis?

• Cuba's economic crisis
• US trade embargo on Cuba
• Venezuelan oil supply to Cuba
• Cuba's energy grid failure
• Cuban currency unification and inflation
• Tourism decline in Cuba
• Cuba's population emigration
• Solar power transition in Cuba

What it concludes

• Cuba's population shrank by roughly 1 in 8 people between 2020 and 2024 due to emigration.
• The collapse of the oil supply deal with Venezuela triggered the severe humanitarian crisis in Cuba.
• The US trade embargo has caused an estimated 135 billion dollars in cumulative economic damage to Cuba.
• The dissolution of the Soviet Union caused Cuba's GDP to fall by more than a third in just three years.
• The 2021 currency unification reform and devaluation triggered triple-digit inflation reaching 77.3 percent.
• Cuba's power grid operates at around 34 percent capacity, leading to daily electricity deficits of 1600 megawatts and rolling blackouts of up to 20 hours a day.