LatinNews Daily - 05 July 2022

*Ecuador’s energy minister, Xavier Vera, has announced that oil production has returned to 90% of levels registered before the intense civil unrest which took place last month led by the indigenous organisation Confederación de Nacionalidades Indígenas del Ecuador (Conaie). These were called off on 30 June after Conaie reached an agreement with the government led by President Guillermo Lasso. According to Vera, 952 out of the 1,142 wells closed during the strikes have now reopened and from the low on 30 June of 262,000 barrels per day (bpd), the state-run oil company Petroecuador is producing 461,637bpd barrels of oil per day. This is a significant turn-around from 28 June, when Vera warned of a collapse of the oil sector and the loss in production of 1.8m barrels which he said cost the state US$166.4m in two weeks.

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