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Fall in oil production puts Ecuador at risk

Date: Mar 8, 2021

Oil production falls at a constant rate and brings Ecuador closer to the limit in which it will not be able to fulfill the commitments assumed, thus the country would go from being an oil exporter to an oil importer next year. 

One of the factors of the problem would be the obligations signed during the government of former President Rafael Correa. There are five oil pre-sale contracts in which, in exchange for 10 billion dollars, it committed crude deliveries until 2024 to four Chinese oil companies and one Thai.

Currently Ecuador produces 500 thousand barrels of oil per day, but the official forecast is that this year the average will be 481 thousand barrels. With that amount, the country could meet internal consumption, external commitments and even have a small remnant to export.

To read the full story on Ecuavisa, click here.