Ecuador to borrow oil as protests halt production

Ecuador has asked to borrow crude oil from Venezuela after days of violent protests in its oil-rich Amazon region forced the suspension of production by Petroecuador, the state oil company.

Magdalena Barreiro, economy minister, said on Friday Ecuador needed Venezuela’s help “in order to be able to continue exporting normally” after attacks on installations by community groups cut oil production by about 65 per cent. Venezuela said late Friday that it had not received the request.

…..Production by Petroecuador has slipped steadily from 280,000 b/d in 1987 to 200,000 b/d this year, and it is estimated that its main producing fields are declining by 5 per cent annually. The poorly managed company recently appointed its third chief executive in nearly four months.

Financial Times