Saturday , February 4 2023

Colombian oil sales affected by crude oil loss | National


Crude oil prices fell sharply last month. The WTI fell 21.23% in the same period and lost 10 days, which was not seen since 1984, while Brent crude fell 18.5%.

This trend was largely due to increased production data, with Russia, the United States and Saudi Arabia finding that they produced the first 33 million barrels per day in October, / 3 can be supplied.

One of the countries most affected in this environment is Ecopetrol. We are losing the opportunity to sell more expensive sumps from overseas.

Given that the company produces 724,000 barrels of oil a day at the current exchange rate, it will see a $ 27.5 million day-to-day decrease compared to early October.

This calculation is calculated by multiplying the barrel produced by the oil company by the price of one month ago (US $ 86) and the TRM of the time ($ 3,005.50). Thus, Ecopetrol per barrel was $ 258,503. Conversely, TRM ($ 3.145) closed this week and $ 220.491 per barrel of US $ 70.1 will not enter $ 822.2 million this month, which is related to price declines.

"This month's drop in oil prices is due to Brent's over US $ 80 in spite of other factors as well as other factors influencing the dividend income of Ecopetrol, so the currency and local market are the most outstanding celebrities of Latin American Americans, "Said Diego Velásquez, economic analyst at Casa de Bolsa.


Will the oil fall?

Mario Acosta, Strategic Manager at Ultraserfinco, said: "Tensions in supply and demand can lead to a fall in oil prices next year.

According to the information provided by the Energy Information Agency (AIE), crude oil production in the United States will average 12.6 million barrels in 2019 and will surpass 12 million barrels in the past.

There is also a risk added on the demand side. According to China's economic data on Friday, producer price inflation fell for four consecutive months in October. It is expected that the world economy will grow harder and slower in 2019 due to the slow economic growth.

At that moment

According to paragraph 3 of the Tribunal, the National Council temporarily suspended the norms of catastrophe.

According to this section, "Hydro-stimulation technology permits in Colombia may result in potential damage or risk to the environment and human health, the severity and irreversibility of which is based on a possible lack of action taken"

According to Ramiro Pazos Guerrero, Deputy Chief and Vice Chairman, the decision was made because "the company thought it was relevant to the conclusion of the Alert Controls carried out by the Auditor General in 2012." If the technology was developed in the area of ​​regional and strategic ecosystems, the impact of health problems caused by earthquakes, water pollution and consequent damage was potentially dangerous. Likewise, he cautioned that careful analysis was required because the Colombian situation imposed special requirements .

Prior to this decision, Daniela García, environmental engineer and attorney at Alliance Colombia Libre de Fracking, said: "It is precedent in applying preventive principles to the effects that may arise from the application of risk factors and preventive measures."

Source link