The Texas oil price (WTI) closed yesterday with a new low of $ 45.15 a barrel. This would be the lowest price in nearly six years, according to AFP. The fall was of 44 cents less than the previous day and it approaches the minimum recorded value of March, 11 2009, when it was registered in $ 42.33.
Meanwhile, the Ecuadorian oil price recorded a theoretical Price in January 22 of $ 39.5 (weighted average). EP Petroecuador states in its website that the Oriente crude the country exports has a theoretical price of $ 41.26 and the Napo crude of $ 36.28.
The weighted average price per barrel is $ 40.1, less than what the Government envisaged in the 2015 budget pro forma.
Given this situation, the Government announced a budget cut of about $ 1,420 million. The Minister Richard Espinosa said they are still considering what projects will be cut.