Washington's Voz - Ecuador halts oil exports because of protests

Browse
our Frontpage

Ecuador halts oil exports because of protests

AFP
08/19/05

Ecuador 's state oil firm, Petroecuador, said Thursday it was suspending exports of crude oil because of protests that have cut production.
In a statement, Petroecuador said it was declaring a state of 'force majeure."
"Exports of Oriente crude have been suspended," the statement said.

The decision was taken "in the face of events ... affecting oil production in camps operated by (subsidiary) Petroproduccion in the Amazon."
Ecuador is South America's fifth largest oil producer and more than half of its exports go to the United States.

It had declared a state of emergency on Wednesday amidst mounting protests in the main Amazon producing region by demonstrators demanding a renegotiation of contracts with foreign oil firms.
The protestors have occupied 200 oil facilities and airports in Lago Agrio and El Coca provinces.

World oil prices have hit record highs of late, driven up by Mideast security tensions and the so-called US driving season.
Supply fears, heightened by US refinery problems, had pushed New York futures to a historic high of 67.10 dollars last Friday, and London's Brent crude to a record 66.85 dollars on Monday.