* Colombia’s state-owned oil company, Ecopetrol, has posted its third quarter profits, showing that in Q3 2023 it earned a net profit of Col$5.08trn (US$1.26bn) – down 46.5% on Q3 2022. Ecopetrol partially attributed this slump to a fall in oil prices, noting that its average crude price was down 15.9% year-on-year. The company’s international sales, which account for 46% of total sales, increased by 2.6% year-on-year in Q3. However, sales in Colombia were down 3%, which Ecopetrol partly attributed to reduced demand and blockades on access roads leading to Ecopetrol facilities.
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LatinNews Daily - 8 November 2023
In brief: Profits slump at Colombia’s state oil company
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