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Ecuador Political News

Ecuador will not be able to ride the ‘wave’ of better oil prices

Recovering the production that was had before the pandemic will take between 1 and 2 years; so we will lose the opportunity to get an additional $ 1.5 million in daily income

At the moment, the international price of WTI, which is the reference for Ecuadorian crude, averages $ 60 per barrel. The increase in the price is due to several factors. On the one hand, many shale oil production companies have closed or ceased operations in the United States; and the severe winter has seriously affected the operation of the facilities in Texas.

On the other hand, the OPEC countries, led by Saudi Arabia, have cut the world supply. Thus, we have a scenario where demand has increased by around 3 million barrels per day and current production is not enough to cover it.

To read the full story on La Hora, click here.



#Factsmatter: An international arbitration panel found ‘no cogent evidence’ supporting #Ecuador’s claim that #Texaco failed to comply with terms of remediation in #Amazon.
The @WSJ sums this case up nicely, “[Steven Donziger] and his team fabricated evidence, promised $500,000 to an #Ecuadorean judge to rule in their favor, ghostwrote much of the final verdict and took other actions that ‘perverted’ the course of #justice. Mr. Donziger disputes the…
Shameless. Disbarred and convicted of criminal contempt of court for bribing an Ecuadorian judge in an attempted extortion scheme, @SDonziger is nonetheless accepting invitations to speak at #climate rallies. Read more about this adjudicated racketeer:
Sworn testimony: While Texaco met its environmental obligations in the Amazon, #Ecuador’s national oil company did “absolutely nothing” to address its own remediation in the area. #FactsMatter:
DENIED: @SCOTUS rejects hearing case of Steven Donziger, who bribed Ecuadorian judge in failed effort to bilk Chevron for billions of dollars.

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