Ecuador will seek new markets to increase exports
Jan 18, 1999 01:00 AM
Ecuadorian Petroecuador said that oil prices will remain low during 1999 and that it will seek new markets to
increase exports.
Petroecuador president Ramiro Gordillo said the average price of crude oil per barrel could barely surpass $ 7 this
year, but might improve in the future.
Gordillo said that his company will make efforts to increase exports, especially to new markets that can offer more
stability and better prices.
Oil is the country's main source of revenue, financing 37 % of the state budget.
Ecuador's oil output is 380,000 bpd, of which 60 % is exported and 40 % refined for domestic consumption.
Source: not available
