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Latino Daily News

Wednesday January 16, 2013

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

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

Photo: Ecuador Oil Production Increases

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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.

Ecuador, a member of the Organization of Petroleum Exporting Countries, or OPEC, produced 499,900 bpd in the April-June 2012 period.

The Andean nation’s refineries processed 13.8 million barrels of petroleum during the third quarter of 2012, down 6.3 percent from the second quarter.

Ecuador exported 32.9 million barrels of crude worth about $3.13 billion in the third quarter of 2012, with the average price per barrel at $95, thanks to the rise in oil prices, the Central Bank said.