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Petroecuador Lifts Force Majeure on Crude Exports

Oil

Petroecuador announced on Sunday that it is resuming crude oil exports after extensive protests (against the scrapping of fuel subsidies) earlier in the month had forced it to declare a force majeure on October 9. The demonstrations had caused the suspension of operations at several oil fields, causing the loss of 200-300K b/d of oil production. The company said that all shipments that were cancelled would be rescheduled in the coming days.

By early afternoon in London, ICE Brent was trading at $58.55/bbl, down $0.87/bbl from the end of Tuesday’s trading.