Ecuador State Oil Firm Resumes Exports After Protests

OILMONSTER.COM- Ecuadorean state oil company Petroecuador said on Sunday it is resuming crude exports after protests this month against government austerity measures forced it to declare a force majeure.

Ecuador on Oct 9 halted crude sales and shut a crucial state oil pipeline because at least 20 fields had suspended operations amid the demonstrations.

“All exports that were suspended will be rescheduled in the coming days to comply with all the obligations that the company maintains,” Petroecuador said in a statement.

The protests that began on Oct 3 killed about 8 people, according to the government ombudsman, besides causing damage to private property and oil infrastructure.

President Lenín Moreno repealed the elimination of diesel and gasoline subsidies after the violent protests led by the indigenous movement.

Ecuador lost 1.5 million barrels of crude oil production between Oct 7 and Oct 13, official data shows.

Petroamazonas, which is also state-owned, has said it will need $48.4 million to repair damages.

Before the protests, Ecuador produced about 545,000 barrels per day (bpd). Moreno’s government has decided that Ecuador will withdraw from OPEC in January in order to boost production.

 Courtesy: www.reuters.com