He The price of Ecuadorian crude oil would be below that predicted in the proforma budget for 2023. This is after WTI (crude land marker) fell to $65.65 for April delivery contract, and that with the penalty suffered Ecuadorian crude oil (between 5 and 13 dollars last year) would fall to less than from 64.8 dollars which is established in the pro forma.

The issue of falling crude oil prices has also increased the country’s risk, because on March 15, it was at 1868 points, after that it had a slight decline in the past few days.

According to international news, the level of WTI crude oil is currently the lowest since December, influenced by the turmoil in the banking sector in the United States and Europe. From Friday, WTI lost almost 12%.

The sailor from the Flopec was deported from the US and will not be able to return to that country for 10 years

About the topic, Alberto Acosta Burneo, editor weekly analysis, of the opinion that the problem is the collapse of banks in the US (Signature and Silicon Valley) and alarms in Europe (Credit Suisse) create three inconveniences for Ecuador. The first is higher imported inflation as the Federal Reserve, faced with banking problems, will slow down its inflation control measures, which have basically been raising rates. In addition, there would be less funding since with the uncertainty in the market it will be more difficult than it already was, that there are loans for the country and, finally, the decline in demand for raw materials. In this case, after the fall in demand for oil, the price of crude oil also falls.

The drop in the price of crude oil is troubling news for Ecuador, as it will receive less funding and will need more financing.

In any case, Acosta Burneo comments that the problem of the international banking system does not directly affect the national banking system.

Meanwhile, the agency AFP reported that according to Kpler’s Matt Smith, “Commodities are often a harbinger of concern for the recession. He also said: “We are increasingly worried about the economy and, as a result, oil is falling.”

In the meantime, SPI AM’s Stephen Innes said investors see “direct parallels with previous recessions caused by the banking sector, especially the financial crisis of 2008″, when oil “collapsed”, explains Stephen Innes, SPI AM.

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Meanwhile, on Wednesday, the US Energy Information Agency’s (EIA) weekly report reported an increase of 1.6 million barrels in commercial crude oil reserves in the United States. This is the tenth increase in eleven weeks, news that puts pressure on prices.

Ecuador’s pro forma crude price was the subject of debate in the country when it was approved. Opposition MPs demanded that the price be set at $86, which was even noted in the pro forma. Remembering this chapter iMinister of Energy, Fernando Santos, He said Wednesday that it shows we need to be careful in dealing with this issue.

The minister also said that he does not believe that the price will continue to fall since OPEC could meet in the coming days and announce a drop in production to raise the price. Meanwhile, he commented that US President Joe Biden gave a reassuring message to the market by indicating that he would be responsible for depositors’ money.