We maintain a downbeat outlook for Colombia's oil and gas sector as sustained oil priceweakness weighs on development prospects. Private investment will be limited as international firmsstrengthen their core assets elsewhere. Further expansion of the sector will therefore become increasinglydependent on cash-strapped state-owned Ecopetrol.
Latest Updates And Key Forecasts
Higher oil prices and rebounding private consumption will spur a modest improvement in Colombian realGDP growth in H217 and 2018. Reduced oil production following the extension of the OPEC agreementand higher demand will drive up the price of Brent crude, boosting Colombia's export revenues andspurring economic activity.