Oil prices and Production decrease in Ecuador

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.

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.”