Castro is in big trouble now - Cuba has oil
Mr. Castro, in an announcement that raised eyebrows in the executive suites of energy companies here, disclosed that the Canadian companies had discovered estimated reserves of 100 million barrels. That was the good news. It was also the bad news.
The deposits, which are expected to produce oil as early as next year, may provide Cuba's government with some relief as it presses forward with efforts to use hard currency for purposes other than petroleum purchases from abroad. Shortly after Mr. Castro announced the discovery, the central bank said it was tightening measures intended to centralize the control of dollars circulating in the Cuban economy.
From the New York Times (free subscription required)
By SIMON ROMERO Published: January 11, 2005