The crisis linked to the war between Russia and Ukraine continues to push the price up. The all-time high for Ecuador was $123 in June 2008.
This March 2, 2022 began with a new increase of more than $6 in the oil barrel price WTI, which is the reference for Ecuador.
So far, the price fluctuates between $109.80 and 109.90 per barrel. This means more than $50 above the $59.2 established by the Ministry of Economy for this year’s budget.
However, about $6 must be subtracted from the price of WTI to establish what is really the price paid in international markets for it. raw Ecuadorian. This is because the country receives a kind of quality penalty.
In any case, the scenario continues to be one of significant additional income for the treasury, but at the same time more resources have to be disbursed to import fuel and gas.
In addition, daily production is still below 496,000 barrels, which is around 35,000 barrels less than the highest levels of recent years.
In other words, Ecuador is not taking full advantage of the good prices international because the oil sector has been down since 2019.
The historical price was reached in the second oil boom
In 1972 when the first export of raw, the barrel stood at $2.34; in 1973 it reached $4.20 and in 1974 it rose to $13.70. That is when the first oil boom begins for Ecuador, under the command of a military government.
By 1979, with the return to democracy, Jaime Roldós assumed the Government with a crude oil price $23.50 and then increased to $35.20 due to the war between Iran and Iraq in 1980. In 1981, the price shot up to a maximum of $34.50, right in the middle of the Paquisha war between Ecuador and Peru.
Since the mid-1980s, the price has fallen to $12.5 per barrel; and bottomed out at the end of the 1990s at $6 during the Government of Jamil Mahuad.
With the new millennium, the second oil boom begins to cook; the price rises from $25.07 in 2003 to $65 in 2006.
Rafael Correa assumes power with a price of $70 in 2007, and in less than a year and a half, the price reached the historical maximum for the country of $123 per barrel. The bonanza of high prices, averaging more than $94, lasted more or less until mid-2014. (JS)
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