LatinNews Regional Monitor: Andean Group - 11 May 2020

* Ecuador’s energy ministry has confirmed that oil production has restarted following the completion of repair work on the trans-Ecuadorean oil pipeline system (Sote), which ruptured on 7 April. State-owned oil company Petroamazonas reported that production “will gradually increase until reaching the levels registered before the pipeline incident” – around 425,000 barrels per day. This disruption, in combination with the sharp fall in international oil prices due to the coronavirus (Covid-19) pandemic, has hit Ecuador’s struggling economy hard. Economy & Finance Minister Richard Martínez reported that hydrocarbon revenues are expected to total just US$520m in 2020, well short of the US$2.59bn previously forecast.

End of preview - This article contains approximately 104 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial