Ecuador Eyes Suspending Spot Oil Sales In 2021-22

(Energy Analytics Institute, 29.Oct.2020) — Ecuador eyes suspending spot sales of crude oil during 2021 and 2022 with the aim of resuming them in 2023, daily newspaper El Universo reported on 29 October 2020, citing comments from the country’s Deputy Hydrocarbons Minister María Eliza Soledispa.

The announcement comes as the South American country continues to negotiate a commercial deal for the export of oil to China as part of a proposed deal with two Chinese banks, which in turn would lend the country between $1bn and $1.4bn.

A major headwind in the negotiation process relates to an estimated 70 million barrels of oil needed to fulfill the deal, volumes which are questionable, the daily reported.

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By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.