Cuba's energy crisis forced organizers to cancel the annual cigar festival
Kyiv • UNN
Cuba has canceled its annual cigar festival due to fuel shortages and power outages caused by the US oil embargo. This decision will affect the country's revenues and the global market for premium cigars.
A massive fuel shortage and regular power outages, caused by the tightening of the oil embargo by the United States, have led to the postponement of one of the most important events in the tobacco industry. The organizers of the prestigious cigar fair in Cuba have officially confirmed the cancellation of the events scheduled for the last week of February, due to the inability to ensure an adequate level of service and logistics. This is reported by AP, writes UNN.
Details
Habanos SA, a corporation that is a monopolist in the premium Cuban cigar market, explained its decision by the desire to maintain the traditionally high quality standards of the event. The Habanos Festival annually gathers thousands of fans, collectors, and distributors from all over the world, offering visitors tours of tobacco plantations, master classes from the best torcedores, and auctions of rare specimens. However, due to the critical shortage of petroleum products and the energy collapse, the island's infrastructure proved unprepared to receive foreign guests.
The company has not yet announced new dates for the 26th cigar fair, creating significant uncertainty for an industry that generated a record $827 million in revenue last year. The cancellation of the event is a painful blow to the country's economy, as the festival's final auctions usually bring in millions in profits, with $18 million raised last year alone for a single batch of handmade cigars.
Systemic crisis of cultural and business life
The cigar festival was not the only victim of the energy blockade: this month, a number of other significant events have already been postponed in Cuba, including the famous international book fair. The country's authorities admit that the situation with energy supply is the most difficult in recent decades, paralyzing not only the daily life of the local population but also international cultural and economic ties.
While official Havana tries to find alternative sources of fuel supply, the global tobacco community is forced to wait for the situation to stabilize. The absence of the festival this year could significantly affect the elite cigar market, as it is at this event that the main novelties of the year are traditionally presented and price benchmarks are set for distributors on all continents.