Soviet Union #2

Released today was a report from the University of Miami that says Venezuela is sending to Cuba annually $4 billion in oil shipments. That total is up $1 billion more than last year.

The value of Venezuelan oil subsidies to Cuba climbed past $3 billion in 2006 and could swell to $4 billion this year -- almost double current estimates, according to a University of Miami report to be released today.

Venezuela is propping up Cuba's troubled economy with shipments of 94,103 barrels of oil a day, experts at UM's Institute for Cuban and Cuban American Studies (ICCAS) calculated, based on official Havana figures issued last week. That means Cuba last year got some $3.3 billion in oil products from Venezuela, up from $2.7 billion in 2005. Caracas has declined to explain the payment system, but experts believe Havana gets the energy assistance free of charge.

Read the rest here.

Here are some more facts about the Cuba-Venezuela relationship.