Oil Boosts Finances; the President Makes Threats

ECUADOR - Report 21 Oct 2013 by Magdalena Barreiro
Executive Summary The oil sector delivered mixed news in Q3. Crude oil production rose by 15,000 barrels per day in January-August 2013, from 2012.This fact, plus a high average oil price of $97.91 per barrel, helped to boost crude oil exports 2.7% y/y, from $8.717 billion to $8.950 billion. Yet derivatives exports plunged 49%, from $781 million to $398 million, over the same period, due to the temporary closure of the Esmeraldas refinery.So total oil exports fell by $201 million y/y. Oil imports likewise behaved bullishly between January and August, rising from $3.459 billion in 2012 to $4...

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