Ecuador: cutting some low-priority investments in oil sector due to lower prices

Posted on November 5, 2014 • Filed under: Economy, Ecuador, Oil

af.reuters.com reported Ecuador said on Tuesday it is cutting some low-priority investments in its oil sector to protect the South American OPEC country’s finances because of lower crude prices.

“The cuts are for projects that don’t affect oil production, we’re not cutting investment for production, we’re cutting projects that aren’t priorities,” Finance Minister Fausto Herrera told reporters in a presentation of the 2015 budget, without elaborating. Read Article

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