LatinNews Daily - 04 July 2022

In brief: Ecuador’s state oil company counts costs of protests

* Ítalo Cedeño, the director of Ecuador’s state oil company, Petroecuador, has said that the 18 days of intense civil unrest from 13-30 June cost the company approximately US$512.9m. Cedeño said that over 1,000 oil wells were closed during the protests, in which activists targeted oil facilities as part of their campaign against the rising cost of living and fossil fuel extraction. Cedeño added that 779 wells were still inactive as of 1 July, and that operations were suspended at 34 drilling towers, which he said prevented the production of 1,997m barrels of crude. The protests, led by the indigenous organisation Confederación de Nacionalidades Indígenas del Ecuador (Conaie), were suspended on 30 June after Conaie reached an agreement with President Guillermo Lasso’s government. However, Conaie warned that it will resume the protests if its demands are not met within 90 days.

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