*The president of Bolivia’s state-owned hydrocarbons company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB), Armin Dorgathen, has said that the country’s oil revenue in 2023 was approximately US$2bn. This represented a drop from 2022, when President Luis Arce said oil revenue was over US$3bn. Dorgathen said that “we’re prioritising initiatives to increase oil income despite the natural decline in production”. The drop in oil revenue comes at a time when Bolivia is already battling a shortage of US dollars which has forced the government to loosen export restrictions and issue new dollar bonds in an effort to boost its reserves of hard currency.
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LatinNews Daily - 29 February 2024
In brief: Bolivia acknowledges "natural decline" in oil production
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