Ecuador’s Oil Export Revenue Falls 44% in January

7 Mar 2015   Ecuador

Ecuador’s crude oil export revenue totaled $598 million in January, down about 44% from a year earlier, due to lower oil prices, the central bank said on Friday. Lower oil prices are expected to drag down economic growth, in a country whose oil sector generates about one-quarter of total government revenue and about a half of exports. Economists say Ecuador’s economy will likely grow between 1% and 2% this year. The average price of crude oil in January decreased 55% to $41.40 a barrel from the previous year. In terms of volume, Ecuador exported 11.57 million barrels of crude oil in January, a 25% increase from a year earlier and an increase of about 8% from December. All of the oil was exported by Ecuador’s state-owned companies. Crude oil is Ecuador’s main export, which the Andean country sends primarily to Asia, the U.S. and the Caribbean. The central bank […]

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