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Ecuador Political News

Fall in oil production puts Ecuador at risk

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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.



#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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