• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 4 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 18 mins Let’s Try This....
  • 22 mins The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 54 mins New Aussie "big batteries"
  • 7 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 8 hours China to Impose Dictatorship on Hong Kong
  • 4 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 15 hours 60 mph electric mopeds
  • 23 hours Nothing can shake AMLO’s fossil-fuel fixation
  • 20 hours Iran's first oil tanker has arrived near Venezuela
  • 1 day US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
Is The U.S. Prepared For War With China?

Is The U.S. Prepared For War With China?

Just as before World War…

5 Points To Consider Before Buying Oil Stocks In 2020

5 Points To Consider Before Buying Oil Stocks In 2020

For contrarian investors, there may…

Ecuador Shuts In Production At Three Oil Fields Amid 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