Economy & Business - September 2022

ECUADOR: Lasso’s oil targets – a pipedream?

When President Guillermo Lasso took office in May 2021 he declared that under his leadership Ecuador would double its crude oil production to 1m barrels per day (bpd). Little over a year later, however, those plans appear to be in shreds. Key to the changing fortunes of the Ecuadorean oil sector is the umbrella indigenous organisation Confederación de Nacionalidades Indígenas del Ecuador (Conaie), which has forced the government to declare a moratorium on oil extraction in 15 separate sites and secured the revocation of Decree 95, a strategic document outlining a pathway towards achieving the 1m bpd target.

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