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Ecuador will receive an additional $ 420 million for crude exports during the first quarter of 2021

Date: Mar 24, 2021

Petroecuador reported that due to the fact that during the first quarter of 2021 there was an increase in the price of West Texas Intermediate (WTI), the marker crude that Ecuadorian oil is governed by, which in this period ranged from 48 to 63 dollars per barrel ( a figure higher than the 37 dollars foreseen by the Ministry of Economy and Finance in the Budget Pro forma approved for this year), Ecuador will receive 422 million 413,191.38 dollars in additional income from the export of Napo and Oriente crude.

In this sense, explained the General Manager of Petroecuador, Gonzalo Maldonado, that in the scenario budgeted for early 2021, the sale of 32 million 165,209 barrels of crude with a barrel price of 37 dollars per barrel was expected to generate income in the order of the 1,190 million 112,754.09 dollars, but with the increase in WTI, they were 1,612 million 525,945.47, “which include additional earnings, better spreads and the premium of the contract made with the Shell company, during the spot sale for the export of 1,440,000 barrels of Oriente crude, with a differential of USD (-1.39) per barrel ”.

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