- Analytics
- News and Tools
- Market News
- Ecuador's Energy Minister: Oil production could be halted entirely within 48 hours
Ecuador's Energy Minister: Oil production could be halted entirely within 48 hours
Ecuador's Energy Minister Xavier Vera-Grunauer warned Sunday that oil production had reached a "critical" level and could be halted entirely within 48 hours if protests and roadblocks continue.
Key quotes
"Oil production is at a critical level.”
"If this situation continues, the country's oil production will be suspended in less than 48 hours as vandalism, the seizure of oil wells and road closures have prevented the transport of equipment and diesel needed to keep operations going."
"Today the figures show a decrease of more than 50 percent" in production which, before the protests, was at roughly 520,000 barrels per day.”
Market reaction
WTI is back in the green zone following the above news, having erased early losses triggered by the G7 discussion on Russian oil exports and the Iran nuclear deal. The US oil is now trading at $106.32, up 0.19% on the day.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
