OPEC agreed to a production reduction at their recent meetings and that inspired traders to raise prices at week’s end. That allowed our estimate of 3Q16 average prices to recover and finish essentially even with 2Q16.
Against the prognostications of the pollsters and the expectations of pundits both nationally and around the world, Colombians voted narrowly (50.25%) to reject the Santos government’s peace accords with the Farc.
We have changed to a monthly graph since counts have dropped so much that we are only reporting that frequently. Today, it looks like counts will stay low for a few months anyway.
The Minister of Mines and Energy Germán Arce paid a visit to local authorities and industry leaders of productive sectors in the Valle del Cauca, and assured that the government will follow through on new natural gas infrastructure for the Pacific region, including a re-gasification plant.
The USO said that it will not accept under any terms Ecopetrol’s (NYSE:EC) plan to outsource its health services, and said it has come up with a proposal to strengthen and improve the current system.
The president of the Colombian Petroleum Association Francisco José Lloreda said that the royalty framework is one of the leading causes of community conflict and must be reviewed, and prior consultation would be better served if handled by the government ahead of awarding blocks.
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