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Ecuador Unlikely to Hit 520bpd Production Target This Year

OIL

Ecuador will need to revise down its daily crude oil production target for the year by around 40,000 bpd, equivalent to about 8%, its oil minister said.

  • The country’s oil infrastructure has been hit by protests and natural disasters causing force majeures.
  • "I think the goal of 520,000 bpd that is in the 2023 budget will need to be revised down, in nearly three months of this year we have not reached that level," energy minister Fernando Santos said.
  • "Perhaps 480,000 or 490,000 barrels per day for 2023, we need to be realistic," Santos added.
  • Petroecuador produced just over 362,000 bpd on Monday because of the current protest action which has been disrupting production since February 21.
  • Similar action last year over a two week period led to a 2mn bbl loss in overall crude production.
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