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Marketplace All-in-One

U.S. grants Cuba access to some Venezuelan oil

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 26 February 2026

⏱️ 8 minutes

🧾️ Download transcript

Summary

From the BBC World Service: The United States says it will allow some small Venezuelan oil shipments to reach Cuba, providing a lifeline to the Caribbean island. Cuba's electricity grid runs on foreign oil, and without it, the lights simply don't stay on. Then, we'll head to one small town in the north of England, where a collection of 13 charity thrift shops on its Main Street is attracting visitors from far and wide.

Transcript

Click on a timestamp to play from that location

0:00.0

As tensions continue in the Caribbean, the US allows Cuba to get access to some Venezuelan oil.

0:07.9

Live from the UK, this is the Marketplace Morning Report from the BBC World Service.

0:12.6

I'm Leanna Byrne. Good morning.

0:14.5

The United States says it will allow some small Venezuelan oil shipments to reach Cuba through its private sector, providing a lifeline to the Caribbean island, as Washington's blockade is worsening a crisis there.

0:26.9

Tensions between the White House and Havana are high. Just yesterday, Cuba reported that its border forces killed four people and wounded six when a Florida registered speedboat crossed into its waters. The thing is, Cuba's

0:39.2

entire electricity system runs on imported fuel. Its own production is limited. Its infrastructure

0:44.8

is decades old. And while foreign oil, the lights simply don't stay on. One resident recently told

0:51.2

the BBC about the impact of the oil shortages.

0:57.4

Some days it feels like the whole town is standing still.

1:01.1

No public transport and extremely limited private transport.

1:02.6

Nothing is moving in town.

1:06.7

Power cuts, which were bad before, are now even worse.

1:10.1

We barely have two hours of electricity a day on average.

1:13.3

For more, here's the BBC's Michelle Flurry in New York.

1:18.0

Very slowly and gradually, daily life starts to grind or halt.

1:22.6

And that's why you're starting to also see countries like Canada saying that they will try and provide some aid to Cuba.

1:24.8

But we've also seen, obviously, the US administration and the Treasury Department

1:29.5

now taking action, essentially saying they're going to let companies in the US who want licenses

1:35.0

to resell Venezuelan oil to Cuba. They will let that proceed as long as the sale of that oil

1:40.6

is to private companies and not to the Cuban government or anything tied to the Cuban government.

1:46.3

The thing to remember here is that the US has had a blockade on Cuba for many years, but this

1:52.2

latest squeeze really has pushed things kind of to another level. And that humanitarian

...

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