Trinidad and Tobago contains the majority of the Caribbean's oil production. In 2006, the country produced 191,300 barrels per day (bbl/d) of total oil production, of which 142,700 bbl/d was crude oil, the remainder mostly consisting of natural gas liquids (NGLs). In 2006 Trinidad and Tobago consumed of 30,000 bbl/d oil, allowing it to export a sizable amount of its production. The largest crude oil producers in Trinidad and Tobago include BHP Billiton and state-owned Petrotrin, which each control around one-quarter of the country’s crude oil production. Important producers of NGLs in Trinidad and Tobago include the Phoenix Park gas processing plant and the Atlantic LNG project, which produced a combined 49,700 bbl/d of NGLs in 2006. In recent years, the country’s oil production has rebounded following many years of decline, and production should continue to grow steadily in the next few years.

Most oil production in Trinidad and Tobago occurs offshore, concentrated off the southeastern and southwestern coasts. In January 2005, production began at the Greater Angostura field in Block 2(c), the first oil production to occur off the northeast coast of Trinidad. Operated by a consortium led by BHP Billiton, the Angostura field contains an estimated 310 million barrels of recoverable reserves. Production levels at Angostura averaged 33,000 bbl/d in 2006, down from 41,000 bbl/d in 2005. According to BHP Billiton, the Angostura project has a nameplate production capacity of 100,000 bbl/d of oil and associated gas liquids, so there is potential for future production growth at the facility.

Cuba produced 76,000 bbl/d of oil in 2006, while the country consumed 209,000 bbl/d. Cuba's oil production has increased significantly in the past two decades, with the country only producing 16,000 bbl/d in 1984. Most of Cuba's oil production occurs in the northern Matanzas province, resulting in a heavy, sour crude that requires special processing. Currently, two Canadian companies, Sherritt International and Pebercan, are producing oil in Cuba, under joint-venture production agreements with state-owned oil company Cubapetroleo (Cupet). Much of this production occurs onshore, though there is some offshore production in shallow coastal waters. Cuba’s oil production seems to have stabilized in the near term, with any additional increases in production dependent upon the discovery of substantial new reserves (see below).

There has been considerable excitement over exploration activities in Cuba's offshore basins, especially its portion of the Gulf of Mexico. Industry analysts have reported that there could be at least 1.6 billion barrels of crude oil reserves in these basins. However, exploration activities have, so far, been disappointing. In 2001, Brazil's Petrobras abandoned exploration activities in Cuba's offshore basins following disappointing results. In July 2004, Repsol-YPF announced that its exploratory well in the Gulf of Mexico had discovered high-quality crude oil, however the company noted that it had not discovered commercially-viable quantities. In 2007, Cupet and Venezuela’s PdVSA concluded an agreement to jointly explore Cuba’s offshore areas, while Malaysia’s Petronas and India’s OVL reportedly conducted a seismic exploration program in the offshore basins.

While Barbados does not have significant crude oil reserves, it does maintain a small amount of domestic production. Oil production in Barbados during 2006 averaged 1,000 bbl/d, while the country consumed an estimated 9,000 bbl/d. As Barbados has no refining capacity, its oil is refined in Trinidad and Tobago, and then returned for domestic consumption.

Many of the Caribbean countries import oil from Mexico and Venezuela under favorable terms. Under the San Jose Pact, Barbados, the Dominican Republic, Haiti, and Jamaica received oil and refined products from those two countries. Cuba also receives crude oil and petroleum products from Venezuela at a discounted rate. In 2005, nearly all Caribbean countries (except Barbados, Haiti, and Trinidad and Tobago) signed the Venezuela-backed Petrocaribe initiative. Under the program, Venezuela will sell crude oil and refined products to these countries under favorable financing terms.