Back

Economy & Business - June 2004

ECUADOR: Oil exports jump

Oil export revenues in the first third of the year rose by 50% to US$1.08bn. The increase in exports came despite a 9.8% fall in production at the state-owned oil company, Petroecuador. The price of Ecuadorean crude has averaged US$26.20 a barrel in the first four months of the year. The government had budgeted on an average oil price this year of US$20 per barrel. The windfall means that it is under little pressure to cut spending and can even afford to buy-off some of its critics.

End of preview - This article contains approximately 393 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options