Ecuador OilMin: Ecuador oil output could fall by one-third amid protests

Dhwani Mehta FXStreet

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.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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