Connect with us

Hi, what are you looking for?

Ecuador Political News

Latin America’s oil producers sweat to cover costs as price war takes toll-Business Recorder

Petroecuador

A price war between the world’s oil powerhouses is leaving many producers in Latin American struggling to cover production costs, boosting chances of output cuts and investment delays in coming months.

Global oil price benchmarks have had their steepest declines in decades in a perfect storm of falling demand during the coronavirus epidemic and surging supplies after Russia and Saudi Arabia failed to reach a deal to extend output cuts.

“Latin America’s flowing production is over 7 million barrels per day. At current prices, we estimate that half is non-economic, taking into account all costs, including transportation and taxes,” said Ruaraidh Montgomery from oil research firm Welligence.

To read the full article on Business Recorder, click here.

Archives

You May Also Like

Chevron Ecuador Blog Posts

1. Steven Donziger Is an Adjudicated Racketeer. The U.S. District...

News & Updates

Disbarred lawyer Steven Donziger likes to present himself to the...

News & Updates

A dishonest campaign is underway to rehabilitate disbarred lawyer Steven...

News & Updates

A Dutch appellate court has rejected Ecuador’s attempt to set...