On March 28, 2015, President Rafael Correa opened his traditional weekly address ensuring that the government is prepared for the worst scenarios by the fall in oil prices, which at that time threatened to fall below $ 40 a barrel. “We are prepared for extreme cases, even to have an average price of USD 20 per barrel,” he said, when defending measures such as safeguards and the non-payment of the state allowance to the IESS.
Almost ten months later, the world market has been aligned with the worst scenario proposed by Correa. The price of Ecuadorian crude is currently around USD 20 and may continue to decline. In the New York market, the price of West Texas Intermediate oil (WTI), a reference for Ecuador, recorded on January 29, 2016 a price of USD 33,76 per barrel, therefore, the Ecuadorian crude stood at around $ 23.