It seems that Venezuela and Cuba will tighten their economic ties following Venezuela's involvement in exploration of potential oil reserves in the Cuban Exclusive Economic Zone (EEZ) in Gulf of Mexico.
 
With a supply of about 98,000 bpd, Venezuela is not only Cuba's largest oil supplier but its major trade partner and the support of most of Cuba's foreign trade. Last year, bilateral trade climbed to USD 2.6 billion.

Venezuelan President Hugo Chávez and Cuban Vice-President Carlos Lage initialed Wednesday in Caracas a wide range of agreements from mining to telecommunications. The instruments kicked off the involvement of state-run oil holding Petróleos de Venezuela (Pdvsa) in prospecting at the Cuban EEZ.