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Economy & Business - October 2020

ECUADOR: State oil apparatus braces for austerity

The crash in international oil prices caused by the coronavirus (Covid-19) pandemic provided a glimpse into a not-too-distant future in which Ecuador’s prize export can no longer generate the income it once did. This, along with resurgent warnings of ‘peak oil’, has prompted the cash-strapped administration led by President Lenín Moreno to accelerate plans to reform the state oil apparatus, including a merger between the two state-owned oil companies, the tendering of refineries, and the liberalisation of fuel imports.

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