The former Ministry of Mines and Energy, Amylkar Acosta, says considering the decrease in oil prices Ecopetrol (NYSE:EC) and the industry must lower costs and guarantee a functioning pipeline system in this new scenario.
The count increased sharply to 49 this week, well above recent and long-term averages. The kidnapping of an Army general in Chocó on Sunday led President Juan Manuel Santos to suspend peace talks in Havana.
The USO held a number of activities to draw attention to third party outsourcing and the suspension of contracts, as the union looks to increase pressure on the NOC to limit the use of contractors.
Government officials have taken a new tone this week, insisting that Colombia is prepared for lower oil prices and that the fiscal budget’s long term fundamentals remain strong.
The peace process needs to advance at quicker pace was a common message this week from President Juan Manuel Santos, and echoed in a forum organized by national paper El Tiempo, the University of Rosario an the Hanns Seidel Foundation.
Ecopetrol (NYSE:EC) is by no means the only Colombian oil exporter but it publishes the most detailed statistics and we believe its export patterns indicate how the market as a whole is shifting.
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