• Submitted by: manso
• Business and Economy
• 03 / 11 / 2011

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Published March 10, 2011.EFE. Havana –  A top Cuban oil official said the island may enact additional energy-saving measures to offset a spike in international crude prices.

In remarks Wednesday night on state television, an executive with state oil company Cuba Petroleo, Rafael Tenreyro, said high oil prices provide "an additional incentive" for bolstering existing energy-conservation measures, without providing specifics.

He said the international situation is "very uncertain" and it "is impossible to predict how much more the prices will rise," although most experts expect they will remain high over the coming months.

A week ago, Cuba's Communist government raised the prices of gasoline and diesel by between 4 percent and 8 percent, the second hike in less than six months.

Large residential consumers also have seen their electricity rates rise by between 15 percent and 285 percent since last November.

State television also reported that unrest in several Arab countries has had an impact on global markets and affected the price of food and other basic necessities.

It cited analysts as saying the per-barrel price of oil could climb higher than $200, which would have "serious consequences" amid a global food crisis.

Cuba produced some 4 million tons of oil and natural gas in 2010, most of which is used to generate electricity. According to official figures, the island produces 80,000 barrels of oil daily, which covers 50 percent of domestic consumption.

The island also receives around 100,000 bpd from oil-rich Venezuela at concessionary prices and the leftist government in Caracas allows its ally to pay for part of the crude with the services of Cuban medical personnel and educators working on projects in the Andean nation.

Source: http://latino.foxnews.com/latino/money/2011/03/10/