The state oil company of the South American country, Petroecuador, issued a statement through which it specified that its crude oil exports between January and March 2023 exceeded 25 million barrels.

Petroecuador made the information public on Tuesday, from which it appears that the company obtained more than 1,500 million dollars in income.

Of the 480,000 barrels per day of crude produced by Ecuador, 70 % is destined for export. The rest is used in the domestic market, refining derivatives for gasoline.

According to the statement: “Of the total exported, 13.3 million barrels corresponded to the so-called ‘West crude’, of intermediate quality (24 degrees API); 9.3 million barrels to ‘Napo crude’, heavier (17 degrees API), and 2.6 million barrels to ‘fuel oil’, used especially for electricity generation”.

Considering that oil constitutes one of the main sources of income for the country, Petroecuador has improved its marketing policy, in order to “improve the processes of selling crude oil in international markets, framed in principles of legality, fair treatment, equality, opportunity, competition, publicity and transparency”.

M.Pino

Source: finanzasdigital

(Reference image source: Worksite Ltd., Unsplash)

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