Colombia's New Government Prepares Fossil Fuel Comeback
India Proposes Stricter Vehicle Emission Rules To Cut Oil Consumption Felicity Bradstock is a writer and journalist based in Mexico City.
She writes for energy websites and covers several other industries, as well as writing… On 21stJune, conservative, Trump-endorsed presidential candidate Abelardo de la Espriella won the election by just 1 per cent over Iván Cepeda, who was expected to take over the Socialist Party leadership from current President Gustavo Petro.
He will be sworn in as president on 7thAugust, after which we can expect significant changes across the board.
Petro, who was considered Colombia’s first leftist leader, brought about major change during his time in power, overhauling the country’s tax and health systems and supporting a green energy transition.
He also attempted to broker peace deals with organised criminal groups, largely to little avail.
De la Espriella, known as “The Tiger”, has promised a different approach, with plans totarget criminalsand build 10 mega-prisons, mimicking the policies of El Salvador’s President Nayib Bukele.
While Bukele has been successful in lowering the country’s homicide rates, many have criticised the leader for committing human rights abuses.
While De la Espriella’s focus is expected to be primarily on reducing crime and violence across Colombia, he is also expected to carry out change in key sectors, including energy.
During his Presidency, Petro was vocal about climate change and the need to transition away from fossil fuels.
Petro drew up anambitious planto make Colombia less dependent on fossil fuels, which focused on economic diversification, renewable energy, greater democratic control over energy systems, and environmental protection.
Petro put Colombia well on its way to achieving greater energy and economic diversification, with non-mining, non-energy exports contributing52.6 per cent of the totaland overtaking mining and energy exports for the first time in at least a decade in 2025.
In addition, from 2022 to 2026, Colombia’s renewable energy capacityincreased from 200 to 3,600 MW.
| 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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