• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 53 mins Shale Oil Fiasco
  • 5 hours Everything you think you know about economics is WRONG!
  • 2 hours Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 15 hours Global Debt Worries. How Will This End?
  • 15 hours USA v China. Which is 'best'?
  • 1 day My interview on PDVSA Petrocaribe and corruption
  • 14 hours Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 23 hours Quotes from the Widowmaker
  • 2 days Petroleum Industry Domain Names
  • 15 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 15 hours Winter Storms Hitting Continental US
  • 22 hours Tesla Launches Faster Third Generation Supercharger
Oil Jumps On ‘’Saudi Surprise’’

Oil Jumps On ‘’Saudi Surprise’’

Oil prices rose on Friday…

Ecuador Shuts In Production At Three Oil Fields Amid Protests

Ecuador protests

Ecuador’s state-owned energy company Petroamazonas has suspended production at three fields amid protests against rising fuel prices that have forced the government to move from the capital Quito to the coastal city of Guayaquil.

Reuters quotes the Ecuadorian energy ministry as saying the field was “taken” by “individuals not affiliated with the operation.” The ministry added it had deployed the army at key locations in a bid to “safeguard the Ecuadoran state’s resources.” 

Ecuador increased fuel prices by up to 120 percent earlier this month and this sparked protests among farmers and indigenous peoples, France 24 reports. Hundreds have taken to the streets and roads, blocking them and burning tires and barricades.

Removing fuel subsidies was the reason for the price spike as the government of Lenin Moreno seeks to shrink Ecuador’s fiscal deficit. As the protests enter their fifth day, President Moreno has accused his former compatriots of staging a coup with the help of Venezuela’s Nicolas Maduro.

“What has happened is not a manifestation of social discontent in protest of a government decision. The lootings, vandalism and violence show there is an organized political motive to destabilize the government,” Moreno said.

Several thousand people are marching towards the capital Quito, according to a local organization of indigenous people, CONAIE. France 24 recalls that almost 20 years ago CONAIE was instrumental in the ousting of then-president Jamil Mahuad from office during another economic crisis.

Troubled by its economic woes, Ecuador recently announced it would leave OPEC from January next year as it seeks to increase its oil revenues, which cannot happen if it complies with a production cap.

The Andean country has crude oil reserves estimated at 8.27 billion barrels and produces a little over half a million barrels daily, according to OPEC data. Of this, close to 400,000 bpd are exported.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play