Oil supply will be reduced this year by 58%

The Organization of Petroleum Exporting Countries (OPEC) said yesterday it is expected that the anual increase in the supply of crude from its competitors, especially the United States shall be reduced by 58% (from 2.04 to 0,850,000 barrels per day) in 2015, because of the...

Ecuador’s oil is trading at $ 59

Following the decisionof the Organization ofPetroleum Exporting Countries(OPEC) of not tocut production,oil pricesyesterdaycontinued their downward trend, reachingminimum levelsin five years. A barrel of West Texas Intermediate crude (WTI), which serves as a reference for the...

The OPEC will meet this week

The Organization of Petroleum Exporting Countries (OPEC) will held this week in Vienna the second regular session of 2014, after the biggest drop in prices since 2008. The group comprised by 12 producing countries, being Ecuador part of it, faces from the middle of 2014 an almost...

Oil production in 2015 will be similar to 2014

Abdullah El Badri, General Secretary of the Organization of Petroleum Exporting Countries (OPEP for its Spanish acronym), announced that oil production in 2015 will be similar to 2014, despite the drop in prices. “I do not think 2015 will be very different from 2014...