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News // Companies

Ecuador To Reduce Production

11 November 2004 , 13:00448
The Ecuadorian Oil Company will reduce its daily oil export by 24,000 barrels beginning in December, namely cutting the current 168,000 barrels per day to 144,000.
The export reduction is mainly triggered by the decreasing oil reserve in this second biggest oil producer in the South America, the company said.

The Ecuadorian Oil Company, which produces 204,000 barrels per day, has stepped up its efforts to introduce foreign and individual capital so as to increase oil production.

The oil export is the main industry in Ecuador, which accounts for about 50 percent of the national foreign exchange income. In 2003, the oil export stood at $2.372 billion.

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