Ecuador: oil industry rebound?

摘要

Ecuadorean oil output under the rule of President Rafael Correa had fallen 7% to 500,000 b/d as of June 10 from January 2007, when he was elected, dipping as low as 464,000 b/d in January 2010. However, the high average price of oil over this period has provided the government with unprecedented income. In fiscal terms, this has more than compensated for the poor production performance and has helped sustain the country's use of the US dollar amid a deficit of non-oil exports.However, according to Rene Ortiz, Ecuador's former OPEC General Secretary, Correa's mishandling of oil policy has cost Ecuador $5-$10 billion in profits these past four years. "If we did things well, we'd reach 1 million b/d," he said. Recent developments will help stabilize the situation, but whether the industry will respond and rebound remains in doubt. Ortiz added: "I don't believe in the current contract model."