Ecuador Declares Force Majeure On All Oil Operations As Protests Escalate- Oil Price
Ecuador’s state-run oil company, declared on Wednesday a force majeure on all oil trading operations, according to an evening Tweet by Petroecuador, citing mass protests that have disrupted the country’s oil industry.
Petroecuador also said that it had completely shut down the TransEcuadorean Pipeline System known as SOTE, which normally carries 360,000 barrels per day, because it does not have enough oil to move through it.
The force majeure will last as long as the protests continue, Petroecuador claims.
Thus far, the protests have disrupted more than 200,000 barrels of oil production, creating a loss of $12.8 million.
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