*Ecuador’s central bank has released new figures showing that country risk has climbed to 1,462 points – up from 1,274 points at the start of June. Country risk, which measures the uncertainty associated with investing, began the year at over 2,000 points amid an unprecedented uprising by criminal gangs. It then spent the next four months on a downward trajectory as President Daniel Noboa’s government implemented a hardline security crackdown. However, country risk has been rising again since May, increasing by over 300 points in seven weeks. Its latest acceleration has been widely attributed to falling oil production after pumping was suspended along the Oleoducto de Crudos Pesados (OCP) pipeline on 17 June due to erosion concerns. The state oil company, Petroecuador, announced on 19 June that the problems with the pipeline had caused oil production to fall by around 37,000 barrels per day (bpd).
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LatinNews Daily - 25 June 2024
In brief: Ecuador’s country risk rises amid falling oil production
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