LatAmOil: Ecopetrol head says less Colombian oil is going to Asia

Colombia’s national oil company (NOC) Ecopetrol is sending a smaller share of its oil exports to Asia this year, as competition for Asian market share has ramped up in recent months, according to Felipe Bayon, the firm’s CEO.

Bayon told Reuters that Asia had absorbed about 60% of Ecopetrol’s exports in 2021. This year, the figure is down to 40-50% because of stiffer competition from sellers of Russian, Venezuelan, Mexican and Canadian Heavy grades of crude, he said.

He noted, though, that the Colombian NOC was exporting more oil to Europe this year. European demand for Colombian crude has been stronger lately because of the need to replace Russian supplies, he explained.

The CEO did not say whether he expected these trends to persist over time. Ecopetrol set up an office with four employees in Singapore earlier this year for the purpose of expanding its business in Asia. The team has been tasked with promoting trade in Castilla Blend, a heavy sour crude produced in Colombia.