Ecuador is going through a difficult period in its oil sector, evidenced by a notable decrease in crude oil production last weekend. The state company Petroecuador reported that at least 1,600 barrels of oil were no longer produced in those days alone, highlighting a worrying trend.
According to Petroecuador’s daily reports, on June 8, 389,366 barrels of oil were produced, while on June 9 the figure dropped to 388,251 barrels per day, marking a negative difference of 1,116 barrels in a single day. This drop is part of a consistent trend seen in recent days, reflecting deeper problems in production.
A significant incident occurred on June 6, when unknown individuals stole cables essential for production in the <a href="https://time.news/new-drilling-campaign-in-palo-azul-orellana-foresees-about-2400-more-barrels-of-oil-2024-04-25-032320/" title="New drilling campaign in Palo Azul, Orellana, foresees about 2,400 more barrels of oil
– 2024-04-25 03:23:20″>Pucuna field, located in block 44, in Joya de los Tsachas, province of Orellana. Petroecuador noted that this act of vandalism resulted in a daily loss of 400 barrels of oil, further exacerbating the situation.
The expert in energy geopolitics, Nelson Baldeón, attributes this drop in production to the lack of budget execution necessary to maintain oil operations. According to Baldeón, without adequate investment and resource management, the country’s oil production will continue to face significant challenges.
This situation poses a considerable challenge for Ecuador, whose economy is largely dependent on oil. Continuity in production is crucial not only for the domestic market, but also to meet international commitments and maintain economic stability.