“Oil prices could continue to fall, for at least 15 years, according to the forecast of the US bank Goldman Sachs (institution in which the Ecuadorian government invested gold reserves)”. This was announced by the director of Weekly Analysis, Walter Spurrier, during a conference entitled ‘Economic Downturn (2015-2016),’ in which he considered that the prices will be ranging between $ 40 and $ 50, but still far from the levels of $ 100 the country used to receive more than a year ago.
The price of Ecuadorian crude was at one of its lowest levels in August when it averaged a turnover of $ 36.8 according to the Central Bank of Ecuador (BCE for its Spanish acronym).
Spurrier also said that despite the public service announcements of cuts, austerity is not seen in government.
He explained that there are signs that show no such adjustment: for example, building a platform for public buildings with Chinese funding and hiring more Chinese debt for the purchase of induction cookers, which well could be produced by the national industry and thus generate employment.