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Nationwide Protest led to Drop in Crude oil Production

The energy minister said that the Crude oil Production in Colombia has dropped below an average of 700,000 barrels per day for the first time since 2009. This production drop is due to the nationwide protests and road blockades that have significantly cut into the Andean country’s ability to produce and transport petroleum, refined products, and other minerals.

The crude oil output reduction represents a minimum 6% decline from the 744,715 barrels per day of crude pumped nationwide in March, the most recent month for which figures are available from the energy ministry. Colombia’s oil patch was pumping 857,112 barrels per day of crude as recently as March 2020.

Nationwide Protest led to Drop in Crude oil ProductionEnergy minister Diego Mesa said that in Bogotá widespread disturbances have resulted in aggregated Crude oil Production losses so far of 560,000 barrels. More than 45% of Colombia’s service stations have been affected by demonstrations and blockades, with the affected stations reporting an average 50% drop of sales at the pump.

Several oil companies active in Colombia said this week that the blockades have affected their operations. Although oil giant Ecopetrol, producer of two-thirds of the country’s oil and equivalents, said that so far it has suffered no material impact, three smaller companies said their Crude oil Production levels have sharply fallen since the protests began late last month.

Geopark said that production curtailments amount to 12,000-15,000 fewer barrels of crude and equivalents per day or 40-45% below the company’s prior production in Colombia which, over the first quarter, averaged 31,455 boe/d. Gran Tierra said that this week is losing 5,250 barrels per day of its normal crude output, which is 18% of the 29,600 b/d it was pumping before the protests

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