Can Colombia’s New Government Reverse the Nation’s Oil and Gas Decline?
China Tightens Its Grip on Namibia's Next Energy Boom As Oilprice’s South America correspondent, I cover Colombia (where I currently live), Venezuela, Ecuador, Peru, Brazil, Argentina, Chile, Bolivia, Paraguay, Guyana, Suriname and Uruguay.
I… In aclosely contested presidential electionin Colombia, controversial far-right candidate Abelardo de la Espriella emerged victorious.
After an official recount, his opponent, left-wing senator Ivan Cepeda, conceded defeat.
This was a hard-fought campaign which split the community, sparking much controversy across Colombia.
While debate rages over De la Espriella’s policies and ascension to power, it is clear his presidency will be a godsend for Colombia’s beaten-down,economically critical oil industry.
After the closest election in Colombia’s modern history, president-electDe la Espriella emerged victoriousafter a recount with a narrow margin of less than one percent.
Considerable controversy surrounds his victory despite left-wing contender Ivan Cepeda conceding defeat after the recount by Colombia’s electoral authority, the National Electoral Council (CNE).
There arefears that De la Espriella will clamp down on law and orderin such a radical manner that it will lead to widespread human rights violations and crimes.
Central to the president-elect’s platform is his plan to revive Colombia’s fiscally strained economy and achieve annualgross domestic product (GDP) growth of 7%.
To pursue that goal, he is supported by Vice President José Manuel Restrepo Abondano, who served as Colombia’s Minister of Finance and Public Credit from May 2021 to August 2022 under President Iván Duque.
Alongside fiscal austerity aimed at bringing Colombia’s ballooning fiscal deficit,expected to reach 7 to 8% of GDP, under control, De la Espriella plans to revive the economically vital oil industry.
A key factor behind Colombia’s recent economic malaise is the collapse of the once-dominant hydrocarbon sector.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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