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The international price of crude oil has historically been low
Posted On 24 Jan 2016
Since Ecuador began to exporte oil, only in the 70s and during the government of Rafael Correa it has enjoyed a revenue boom for the value of the barrel.
The Ecuadorian oil fell to its lowest level in twelve years this week and, according to projections by the International Energy Agency (IEA), it could continue to decline pushed by an oversupply of world production. Oil prices started stumbling in 2016 and start to complicate the economy of countries highly dependent on this resource, like Ecuador.
A barrel of WTI (West Texas Intermediate), which serves as a reference for Ecuadorian crude, reached $ 26.55 on January 20th and left the country oil at $ 19.95, according to estimates by Petroecuador. A figure well below $ 35 the Government of Rafael Correa set in the General State Budget this year. (I)
