Ecuador: President Correa announces country losing money on each barrel of oil sold

Posted on August 27, 2015 • Filed under: Economy, Ecuador, Oil

AP/Maria Jose Sanchez wrote Ecuadoreans are already contending with a rumbling, ash-spewing volcano and rising living costs because they use the appreciating U.S. dollar as their currency.

Now they’ve been told that Ecuador’s oil — its principal export and a vital source of government funding — costs more to produce than it earns.

President Rafael Correa explained on Tuesday, during a visit to areas threatened by the Cotopaxi volcano, that it costs the OPEC nation $39 to produce a barrel of oil for which it only receives $30. Read Article

DON NADIE AN ECUADORIAN SAYS “If you live or are thinking of living in Ecuador, this book should be required reading”.

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