LatAmOil: Energy minister calls on Ecuador to cut 2023 oil output target

Ecuador’s Energy Minister Fernando Santos has said that the country ought to reduce its crude oil production target by 40,000 barrels per day (bpd), or about 8% from the original figure, due to protests, civil unrest, natural disasters and other disruptions.

Santos told reporters that Ecuador should bring its production target down from the goal of 520,000 bpd stated in the 2023 budget. The country has not achieved that level since the start of the year, even though the first quarter is nearly over, he stated. Under the circumstances, he remarked, the country needs to be realistic and cut its output target back to around 480,000-490,000 bpd for this year.

The minister was speaking to reporters following the national oil company (NOC) Petroecuador’s declaration of force majeure at three oil-bearing sites on March 21, bringing the total number of blocks where operations have been halted up to four. As of March 20, Petroecuador was extracting just 362,000 bpd of oil.