Ecuador OilMin: Ecuador oil output could fall by one-third amid protests
|Energy Ministry of Ecuador, one of the OPEC’s oil producer, released a statement late-Tuesday, citing that its state-run oil company Petroamazonas estimates it could lose some 165,000 barrels-per-day (bpd), or one-third, of crude production due to “insecure conditions” in oilfields as anti-austerity protests convulse the Andean nation, per Reuters.
The Ministry said: “We reject all actions that go against the normal operation of hydrocarbon infrastructure nationwide, since they are strategic assets that generate resources for the benefit of the country on a daily basis.”
Both crude benchmarks are seen trading modestly flat, with the bias leaning towards the downside amid looming US-China trade risks. But the downside may remain limited amid ongoing Mid-East supply challenges.
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