BMI View: Ecuador will remain one of the smallest oil producers within OPEC over the coming decade due to its stagnant upstream exploration sector, maturing fields and opaque business environment.
However, the country's downstream sector is poised for significant expansion if plans for the new Refineria del Pacifico come to fruition.
Latest Updates And Key Forecasts
According to a deal reached between OPEC and non-OPEC oil producers in late November 2016, Ecuador will have to cut its oil output by 26,000 b/d for the six months starting in January 2017.
However, in July, Ecuador announced it will no longer cap its production, citing economic pressures as the main justification. Subsequently we have adjusted the 2017 production forecast, which now shows production rising slightly to 566,000b/d.