News and AnalysIs for

Since Donald Trump became President of the United States on January 20^th, 2025 –really since he was elected in early November, 2024 – global stock markets have been on a magic carpet ride, from the highs of expectations of market-driven policies to the lows of fears of a tariff-war induced global depression. Share prices of oil and gas producers have ridden the same magic carpet, with Colombian companies pulled along by the same forces.

Earlier this year, León Valencia and his Peace and Reconciliation Foundation (Pares) published an evaluation of President Gustavo Petro’s “Total Peace” initiative, supposedly at the two-year mark of his mandate. Much of the study, ¿Plomo es lo que viene? was completely out of date by the time it hit the bookstores. (For those with the patience to make it to the end of the article, a question for our readers.)

Bloomberg recently showed a chart tracking the mentions of the word “uncertainty” in articles about trade. It has spiked dramatically since the 20^th of January of this year, sending the stock market into a tailspin. Concerns about oil demand have depressed prices. Will (should?) E&Ps be revising their CAPEX plans?

Ecopetrol published its 2024 results on March 14^th – almost the Ides of March – showing yet another decline in earnings (nearly 8%). The Colombian press was full of “sturm und drang” about the sorry state of the National Treasure and anticipating a rocky time at the upcoming shareholders’ general assembly over the lowered dividend. Much as we criticize the NOC strategically, we do not find this financial handwringing entirely fair.

For years, our editorial point of view was that importing gas was an unacceptable and unnecessary loss of energy sovereignty. We opposed building a second regas facility on the Pacific coast saying that the resources should be directed to encouraging domestic gas development. But, now, pragmatism means we have to modify our position.

The ANH has published detailed gas production results for 2024 and we can now see who the “winners and losers” were.  We also look at MinEnergia’s recent statements that “there is enough gas”, with no need for imports.

Looking over the events we collected for our database of peace process news items, we concluded that a lot happened in February… but nothing has changed.

The ANH has published the detailed results for oil and gas for 2024 so it’s time to dissect what happened. Oil production was down less than 1%. We might have expected worse.

So far six ministers have resigned irrevocably from President Gustavo Petro’s cabinet, including his combative MinAmbiente Susana Mohamad since the first of February after three left in January. The rest have been asked to resign pro forma so the president can create a new cabinet. Why and where are we going?

We had planned to write about gas prices this week anyway but then on Friday, February 7^th, one of the country’s biggest gas distributors, Vanti, said prices in some areas would have to go up by 36%. That got everyone’s attention