• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 9 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 23 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 12 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Energy Armageddon
  • 6 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 4 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 7 days The Federal Reserve and Money...Aspects which are not widely known
  • 7 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 7 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 1 day Wind droughts
  • 8 days Goldman Betting on Cryptocurrencies
  • 11 days Сryptocurrency predictions

Ecuador Could Completely Stop Pumping Oil Within 48 Hours

Ecuador could be forced to suspend all oil production within 48 hours as anti-government protests in the country intensify, the Ecuadorian energy ministry warned.

The production suspension was to be "due to the acts of vandalism, takeover of wells and closing of roads, supplies and diesel necessary to maintain operations has not been possible," the ministry said, as cited by Bloomberg.

Protests erupted in the Andean country earlier this month against the economic policies being implemented by the government of President Guillermo Lasso, chiefly among the indigenous population.

They quickly spread and escalated to roadblocks and oil well vandalism, as the protesters demanded cheaper fuel and food price controls, among other things. This Sunday, Lasso announced that he would institute fuel price controls in an effort to appease the protesters.

"Everyone considers that gas prices have become the cornerstone of maintaining the conflict and though we as a government are very clear that this factor isn't the origin of Ecuadoreans' problems, we must think of the common good and citizens' peace," he said.

Among the other concessions made to protesters were debt forgiveness and subsidies for fertilizers, all agreed this last weekend. However, the protests continue and earlier caused Petroecuador, the state oil company, to announce force majeure across its operations.

Ecuador has proven reserves of some 8.273 billion barrels of crude oil but is producing only about 400,000 bpd. Petroecuador, however, has the ambition to double this output level over the next five years and is looking for private sector investments of up to $12 billion to do it. Ecuador is a former member of OPEC.

However, if the government satisfies all of the protesters' demands, this increased output may never come into being: one of the demands is a moratorium on all new oil and mining projects in the Andean country.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News