Ecuador has experienced a significant shift in its energy trade balance, with fuel import expenditures exceeding the income generated from crude oil and fuel oil exports for the first time in over 50 years, as disclosed by Energy Minister Fernando Santos.
During the first half of the year, Ecuador’s exports of crude and fuel oil, the only refined product it exports, amounted to $2.9 billion, which was $100 million lower than the $3 billion spent on importing high-octane naphtha for blending into gasoline, LPG, and diesel.
This change can be attributed to a 30% decrease in oil prices compared to the same period last year.
For the first time since Ecuador began exporting oil in 1972, the country’s energy imports have surpassed its exports, underscoring the vulnerability of oil-dependent economies when oil prices plummet.
The World Bank has categorized Iraq, Libya, Venezuela, Equatorial Guinea, Nigeria, Iran, Guyana, Algeria, Azerbaijan, and Kazakhstan as the most vulnerable oil-producing nations due to their significant dependence on the oil and gas sector and limited diversification efforts.
Latin American economies also face challenges due to their significant dependence on oil and the absence of a clear roadmap for the global energy transition. Venezuela, Ecuador, and Colombia rely heavily on oil exports and revenues, while Bolivia and Trinidad heavily depend on natural gas.
In contrast, the small nation of Guyana is set to become the world’s largest per-capita oil producer, thanks to significant oil discoveries by ExxonMobil and its partners. Argentina, Brazil, and Mexico, while less reliant on fossil fuels, still consider oil and gas among their most significant industries in terms of fiscal revenues, exports, and investments.
According to a report from the Inter-American Development Bank (IDB), achieving the 1.5-degree goal would require Latin American oil production to decrease to under 4 million barrels per day by 2035, which is 60% lower than pre-pandemic levels.
Consequently, up to 81% of the region’s proven, probable, and possible oil reserves would remain unused before 2035. This would have a significant fiscal impact, with oil-exporting countries in the region potentially losing approximately US$3 trillion in royalties by 2035 if substantial global climate action is realized.
Source : oilprice.com
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