In an interview with Daily Expreso, the oil analyst and former OPEC secretary questions the contracts with oil companies and says that low prices are here to stay.
He explains that it is not convenient at all for Ecuador to stop oil production until prices rise.
He indicated that the oil industry has already enormously reduced employment. “It’s not easy to reveal that number. Petroecuador had many employees whose contracts were not renewed. I think about 1,000. Other companies did not renew over 900, 800, 700 contracts … “