Skip to main content

Oil Production In Ecuador Might Stop Completely In 48 Hours, According To The Energy Minister.

Xavier Vera - Grunauer , Ecuador's energy minister, issued a warning on Sunday, stating that if protests and obstacles continue, oil production might reach a "critical" point and completely cease within 48 hours.




"The volume of oil production is essential."

The country's oil production will be terminated in less than 48 hours if this situation persists because vandalism, the seizing of oil wells, and road closures have made it impossible to transfer the diesel and equipment required to keep operations running.

Production, which was at about 520,000 barrels per day prior to the protests, has decreased by more than 50% as of today, according to the figures.

According to AFP News, the president of Ecuador reportedly declared that fuel prices would be reduced.

The Market Reaction

Following the aforementioned news, WTI is back in the green after erasing early losses brought on by the G7 talks on Russian oil shipments and the Iran nuclear deal. The price of US crude is at $106.32, up 0.19 percent on the day.

Learn to Trade with Best and Trusted Global Broker

Start your journey with us and learn from basic to advance with one to one training session. Get full knowledge about the market from our expert team and become expert in market.

Free Enquiry Now:  Click Here

Comments

Post a Comment

Popular posts from this blog

New Covid Cases Have Been Reported In Beijing, Reigniting Fears Of A Lockdown

  New Covid Cases Have Been Reported In Beijing, Reigniting Fears Of A Lockdown An earlier report mentioned that the Shanghai district is required to close all shops and residents must stay at home. Currently, Bloomberg reports that, during its current COVID outbreak, the Beijing city has reported a record number of COVID cases. Therefore, while reviving the crisis, the Chinese officials are planning to implement a lockdown in the capital city of China as they don’t want to see any community out spread of the COVID virus in the future. On Sunday, the city of Beijing reported 99 COVID cases, up from 61 on Saturday. The Bloomberg report warns that the total number of COVID cases might be low, but since the COVID outbreak started, the rise seems to be one of the biggest. This will exacerbate the lockdown crisis, and it may be resurrected through financial markets, which are scaling on risk appetite, and currencies such as the Australian dollar, which trades as an intermediate. However...
Post a Comment
Read more