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Latin America News:  Ecuador Oil Production Increases by Nearly 3 Percent

Ecuador increased its oil production by 2.9 percent in the third quarter of 2012, compared to the same period a year earlier, to an average of 508,800 barrels per day (bpd), the Central Bank said. continue reading »

New Oil Blocks to be Actioned in Ecuador’s Amazon Region

Ecuador will auction contracts for new Amazon oil blocks believed to contain as much as 1.6 billion barrels, Non-Renewable Natural Resources Minister Wilson Pastor said Friday. continue reading »

Oil Production in Ecuador Over 500,000 Barrels Per Day

Crude production in Ecuador rose in July to 508,000 barrels per day, its highest level since February 2011, the Central Bank said. continue reading »

Venezuela Now Has World’s Largest Oil Reserves Surpassing Saudi Arabia

According to the Organization of Petroleum Exporting Counties (OPEC) Venezuela for the first time has surpassed Saudi Arabia as the richest oil nation in terms of reserves. continue reading »

Venezuela, Iran and Libya See No Problem with $100+ a barrel for Oil, So Gas Prices Expected to Rise

Iran has joined fellow OPEC members Venezuela and Libya saying they see no need to raise crude oil supplies to rein in crude prices that are nearly $100 a barrel, so U.S. consumers can expect to feel more pain at the pump. continue reading »