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LatinNews Daily - 01 February 2021

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In brief: Colombia’s oil production takes a hit in 2020

* Colombia’s mines & energy ministry has reported that oil production in 2020 totalled an average of 781,300 barrels per day (bpd), down 11.8% on the 885,850 bpd registered in 2019. Average daily production in 2020 fell sharply from 883,879 bpd in January to a low of 729,905 bpd in June, as the coronavirus (Covid-19) pandemic saw the oil sector hit hard by reduced domestic and international demand. Production gradually recovered to 760,940 bpd in November, only to fall slightly to 759,394 bpd in December – a decline attributed by the ministry to the temporary stoppage of production at the Yariguí-Cantagallo field in Bolívar department. With Colombia and many countries in the region facing a renewed rise in Covid-19 cases, oil production could take another hit in 2021, although this impact is not likely to be felt in full for several months.