US EditionWhen An Oil Country Becomes A Fuel Buyer: Ecuador’s New Reality
4 Articles
4 Articles
When An Oil Country Becomes A Fuel Buyer: Ecuador’s New Reality
Ecuador is an oil producer that is starting to feel like an oil client. The country now spends almost as many dollars importing gasoline, diesel and cooking gas as it earns from selling crude. For a dollarized economy that cannot print its own currency, losing that extra oil income is like losing a safety net […]
Ecuador is going through an unusual moment for an oil-producing country. The country is close to spending more money on the purchase of fuels than it receives for selling crude oil.This situation, which may seem contradictory, has direct effects on a dollarized economy that depends on the constant income of foreign exchange to function normally.If the country uses more dollars to buy fuels abroad than those it receives for exporting oil, the bal…
Although Ecuador is an oil country, it goes through a paradox: it is close to importing more fuels than it exports in crude, a situation that poses risks to its dollarized economy. Not having its own currency, the country depends on a constant flow of foreign exchange, and for decades oil has been one of its
In recent years, extraction from Ecuador has remained stagnant at around 470,000 barrels per day, and analysts anticipate a progressive decline
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