Business
Ecuador to halt oil production amid protests over hike in fuel cost
The Ecuadorian energy ministry says the country will suspend oil production completely within 48 hours over acts of vandalism.
Since June 13, protesters have refused to leave the streets of Ecuador amid demonstrations over the increasing cost of food, as well as the hike in fuel prices.
The ministry made the announcement following mass anti-government protests spanning about 14 days in the South American country, calling for lower prices for fuel, food, and other basics — leading to the country’s oil production falling by more than half.
Xavier Vera-Grunauer, Ecuador’s energy minister, disclosed this in a statement issued on Monday.
“If this situation continues, the country’s oil production would be suspended in 48 hours due to acts of vandalism, oil well taking-over and road closures,” Vera-Grunauer said.
The minister said the former OPEC country, which was pumping around 520,000 barrels per day before the protests, may “halt oil operations as it has not been possible to transport the supplies and diesel necessary to maintain operations”.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
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