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LatinNews Daily - 28 October 2020
In brief: Colombia’s Ecopetrol sees revenues start to recover
*Colombia’s state-owned oil company Ecopetrol has reported that its earnings in the third quarter totalled Col$855bn (US$224.4m), down 71.6% on the Col$3trn registered in the same period in 2019. However, this represented an improvement on the Col$133bn earnings recorded in the first quarter, and Col$25bn in the second, due to the impact of the coronavirus (Covid-19) pandemic on the global economy, and on oil prices in particular. Ecopetrol president, Felipe Bayón, voiced optimism that the third quarter’s figures are a sign of recovery, reflecting the sector’s return to full operating capacity following the loosening of restrictions intended to control the spread of Covid-19, and hoped that growing demand would soon see oil prices recover too.
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