Ecuador: Minister of Economy states country will not be affected by drop in oil price

Posted on December 6, 2014 • Filed under: Economy, Ecuador, Oil reported the Minister of Economy of the oil rich nation explained that the country will not be affected because of the drop in oil price. The fall in oil prices will not affect Ecuador the Minister of Economic Policy, Patricio Rivera, said on Thursday. He added that Ecuador has several alternatives to address the oil price. “Ecuador is not facing a crisis. It is obvious we have a smaller leeway, but that doesn’t means that we are having problems,” Rivero told to Gama TV channel. The Minister also explained that despite oil being the major export for the South American nation, it only contributes to the 10 percent of the Ecuadorian budget due to much of the money remaining in the state oil company.
Ecuador produces about 500,000 barrels a day, according to government data. Read Article


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