Inside look at oil exports of Ecuador, 70 percent of oil purchased by China going to U.S.

economictimes.indiatimes.com reported that Ecuador’s Socialist President Rafael Correa has often railed against allowing private trading firms to control the country’s oil shipments, a top source of export revenue. Soon after his election in 2006, Correa pledged to cut out middlemen. But on his watch, the opposite has happened. As the OPEC country committed to selling the bulk of its export crude to Chinese state-owned firms, a little-known Swiss trading house and its business partners have secured a role as intermediaries in the South American country’s oil trade. Read Article

Moving to Ecuador? Watch this video.