Oil slump slows national recovery

摘要

Uncertainty regarding the course of the COVID-19 pandemic plus the still-subdued prices for oil, the country's main export, are hampering Colombia's economic outlook although President Ivan Duque has pledged to devote all his efforts to ensuring a recovery.Oil extraction is responsible for 3.3% of GDP, 40% of exports by value and 17% of government revenue. Colombia has estimated recoverable hydrocarbon resources of 9bn barrels of crude oil and 15trn cu ft of natural gas, underscoring the country's considerable yet unrealised hydrocarbons potential.Last year proved disastrous for Colombia's oil industry, with production falling 12% on 2019 levels to average only 781,300b/d and the value of exports down 22.5% to $28bn, the lowest since 2006.