Positive momentum in September carried through to October and we have now had two straight months of increasing month-end crude oil prices. October ended on a positive note.
The National Council of Industry Associations and the 21 industry representatives which form it have signed off on an articulate and thorough document which addresses the concerns of these business sectors about the peace process in Havana, and more importantly, its impact on Colombia. With a diplomatic tone, it both justifies the fundamentals of the talks against its critics, but it is not a blank check for the government to push an agreement through on any terms.
Ecopetrol (NYSE:EC) says it will continue to collaborate with Pacific E&P (TSX:PRE) following the reversion of the Rubiales field, and the option of integrating Rubiales with its operation in Castilla and Chichimene weighed in the decision to operate the largest producing field in Colombia directly.
Both gasoline and diesel will drop in price in the month of November, driven by a fall in international prices and the exchange rate, although biodiesel prices continue to counteract this downward trend.
The USO says that its effort and persistence to pressure Ecopetrol (NYSE:EC) to directly operate the Rubiales field amounts to a historic achievement for the union. Now it has called for workers in the field to join the USO and plans to increase its pressure to carry out the modernization of the Barrancabermeja Refinery.
Chinese oil services firm Kerui says that it is looking to partner with Colombian firms, using an offer of the latest technology and cost savings to build its client base in South America. The firm already operates in Argentina and Venezuela, and says it has US$1B to finance projects locally.
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