LatinNews Daily - 30 June 2022

In brief: Ecuador’s Petroecuador suspends exports of ‘Oriente’ crude

*Ecuador’s state oil company, Petroecuador, has announced that exports of its ‘Oriente’ crude oil are suspended under a force majeure declaration as anti-government protests led by indigenous organisation Confederación de Nacionalidades Indígenas del Ecuador (Conaie), continue to damage oil output. Yesterday, Petroecuador warned that the protests had halved crude output in its petrol fields located in the Orellana and Sucumbíos provinces. In a press release, Petroecuador said it had not yet rescheduled the suspended Oriente cargoes although shipments of ‘Napo’ heavy crude continue to flow. According to the energy & mining ministry, losses due to the sector’s paralysis totalled US$201.3m; with a total of 1,205 oil wells closed and 287 petrol stations facing fuel supply issues. It notes that prior to the protests, Ecuador produced 500,000 barrels of petrol per day (bpd), a figure which has now dropped to 230,000 bpd. The announcement regarding the force majeure comes three days after the energy & mining ministry warned that crude oil production is set to grind to a halt within days due to roadblocks and the vandalism and occupation of oil facilities. Yesterday the government led by President Guillermo Lasso decreed a 30-day state of exception in four provinces: Orellana, Sucumbíos, Azuay and Imbabura to “restore public order, control violence [and] ensure the provision of basic supplies”. It also said that oilfields and facilities were secured zones.

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