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Ecuador's Oil Production May Be Forced Shut

OIL

Ecuador may be forced to stop producing oil in the next 48-hours according to a government statement, with production in the country already running at 50% as off Sunday because of protests across its oil infrastructure for the last two weeks.

  • Prior to the protests, Ecuador was extracting 520,000 bpd of crude. A total 1,176 oil wells have been forced to stop pumping.
  • The protestors have demanded fuel costs subsidies, a cornerstone of the issues forcing the disruption. The government has offered a 10 cent per gallon cut on Sunday but that is well short of the 45 cent per gallon cut to gasoline and 40 cent cut for diesel demands.
Energy BulletsCommodities
Energy BulletsCommodities

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