The Ministry of Mines and Energy (MinMinas) has approved three more measures to promote exploration and production and confront the fall in oil prices. The Agreement 03 is part of its “PIPE” stimulus for the industry.
‘The Mad Economist’ is the nom-de-plume of Camilo Vega Barbosa, Director of the economic blog El Mal Economista (EME). (See his coordinates at the end of the article.)
Clients ask us for quick graphs from our statistical databases for their presentations or other studies. (You can too!) Having done a number of these lately, it struck our Analyst that the peaks all occurred at the same time (roughly) 2012.
During a meeting of the Supreme Court in Cartagena, the chief negotiator in Havana, Humberto de la Calle, said the government is preparing a rough draft of a referendum that would let,”Colombians decide”.
As the government concedes that maintaining a million barrels a day will prove increasingly difficult, the Finance Minister Mauricio Cardenas says projected oil revenue for 2016 could be six times lower than in 2014.
Research institute Fedesarrollo has issued an alert on the long term impact on the fiscal budget due to the fall in oil prices and a likely drop in oil production, with the deficit growing wider than legal limits by 2019.
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