Trending Now - Cuba's President Calls for Urgent Economic Reforms

WHO:

Cuban President Miguel Díaz-Canel

Prime Minister Manuel Marrero Cruz

Minister of Energy and Mines Vicente de la O Levy

U.S. President Donald Trump

Secretary of State Marco Rubio

Grandson of former Cuban President Raúl Castro

WHAT:

Díaz-Canel called for “immediate” implementation of urgent transformations to Cuba’s economic and social model.

The U.S. Treasury Department slightly eased restrictions on the sale of Venezuelan oil to Cuba.

Trump threatened a “friendly takeover of Cuba.”

Cuba experienced a loss of nearly $8 billion in revenue from March 2024 to February 2025 due to increased U.S. sanctions.

Cuba implemented austere fuel-saving measures, including halting some public transportation and moving classes online.

WHERE:

Cuba

Venezuela

United States

WHEN:

Comments made by Díaz-Canel on Monday, March 2, 2026.

U.S. attack on Venezuela occurred in January 2026.

Revenue loss reported from March 2024 to February 2025.

WHY:

The call for economic reforms is due to dwindling oil reserves and a recent oil blockade.

The economic crisis in Cuba is attributed to the Communist regime's governance over six decades, leading to severe economic collapse.

HOW:

Díaz-Canel emphasized the need for business and municipal autonomy and resizing of the state apparatus.

Municipalities are encouraged to manage foreign direct investment and economic partnerships.

The Trump administration is reportedly in discussions for a political transition in Cuba.

On Monday, March 2, 2026, Cuban President Miguel Díaz-Canel urged for immediate reforms to Cuba's economic and social model, highlighting the need for business autonomy and a resizing of the state apparatus due to dwindling oil reserves and a recent oil blockade. Meanwhile, the U.S. Treasury Department has eased restrictions on the sale of Venezuelan oil to Cuba, as Trump threatens a “friendly takeover of Cuba” amid discussions for a political transition. This comes after Cuba reported a staggering loss of nearly $8 billion in revenue from March 2024 to February 2025, a consequence of increased U.S. sanctions and the Communist regime's long-standing governance leading to severe economic collapse.