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The strength of Colombia’s oil production recovery hangs in the balance
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Image Source: Colombia Reports
The Colombian oil industry had many ups and downs in 2020, with the Ministry of Mines and Energy reporting that production fell by 11.6 percent in the first 11 months of the year versus the same period in 2019. The energy industry comprises approximately four percent of Colombia’s GDP, and the country’s reliance on this sector made it especially vulnerable to the unforeseen headwinds of 2020.
Vice-Minister of Energy Miguel Lotero has set his sights on returning the country to 2019’s oil production levels when it was producing 886,000 barrels per day (bpd) in 2021. In order for his prediction to come true, however, the stars will need to align, which according to some experts is a long shot.