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Cristian Espinosa was appointed Ambassador of Ecuador to the United States
Daniel Noboa receives the credentials of the new United States ambassador
40,000 women will receive scholarships in higher education
Julian Assange released from prison, after agreement with the United States
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Minister of Defense: “It is not fair that some risk their lives, while others play with justice”
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“I’m crazy for wanting to serve my country,” says Daniel Noboa at the presentation of “La Cárcel del Encuentro” in Santa Elena
Construction of the Encuentro maximum-security prison in Santa Elena begins
National blackout in Ecuador due to transmission line failure, confirms the Government

Oil prices and Production decrease in Ecuador

Posted On 20 May 2013

The low price of this first quarter of 2013, according to the Central Bank data, has set the value of a barrel of oil $ 5.22 less than the price of the previous year in the same period, as in 2012 the value was $ 104.38 and this year lowered to $ 99.16.

To these variations in prices, it’s added the decline in production and exports recorded during the first months of 2013, when it went from 45.69 million barrels in 2012, to 45.54 millions barrels in this year.

As for exports, is known through the newsletter Evolution of Trade Balance, that it had a decrease of 7.4% over the previous year, as in 2012,  $ 3,802.14 millions were exported, and this year the amount dropped to $ 3,520.12 millions.

Ecuadorian Oil keeps lowering its production and prices.

Ecuadorian Oil keeps lowering its production and prices.

Analysts such as Rene Ortiz, former general secretary of the Organization of Petroleum Exporting Countries (OPEC), explains that the progressive decline is being given due to the lack of private and public investment in the oil sector, and also criticizes the government for not having considered one of the most important standards for the oil sector, which is “barrel produced, barrel replenished.”

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