Delegates from 200 countries met for almost two weeks at COP28, the UN climate change conference. His overriding verdict was the urgency of reducing emissions from fossil fuels (oil, gas, coal) to stop global warming. Raising the Earth’s temperature beyond what has already happened would have catastrophic effects, both for many endangered species and for society, whose environment would change drastically. For example, South America’s rivers would dry up and ocean levels would rise, submerging coastal cities.

The message is to work on reducing emissions, that is, to modify machines to use other energy sources, such as electric vehicles, and to invest in the development of alternative energy sources, such as hydroelectric plants. But countries are not obligated to reduce oil production in any way as long as there is demand. The reduction in emissions will not come because of a shortage of oil, but because society demands less.

So much so that COP28 was held in the United Arab Emirates, a major oil producer, and the president of the conference was the Sultan of Dubai, who is also the president of the country’s oil company. Among the delegates who advocated particularly harsh resolutions was Biden’s representative. However, the US is the world’s largest oil producer at 12.1 million barrels per day (bpd), up 2% year-on-year.

In South America this year, Brazil increases production by 4.5% to 2.3 million (bpd) and aspires to join OPEC as an observer, that is, it will not accept that OPEC imposes a production quota on it, because it is pursuing an aggressive policy of increasing it. Argentina increased this year by 2.2% to 515,000 barrels per day, and the Vaca Muerta field intends to increase to one million barrels.

Venezuela, which destroyed PDVSA and its oil industry with Hugo Chávez, is now fixing it. Maduro restored production by 32% in 2022 and 14% in 2023 to 810,000 bpd. President Petro announces that Colombia will give up oil, but this year production is up 3.4% to 772,000 bpd.

All these countries agree that emissions must be reduced, but as long as there is a market they will produce oil and not leave it in the country. Idealism does not lead them to make economic sacrifices.

In Ecuador, production peaked in 2006, the last year without coreism, at 563,000 bpd. In 2023, this would average 475,000, and the official projection is an 8% decline in 2024, which could be more, given the mandate to reduce oil production. As reported by the Californian militant environmental portal Amazon Frontlines, Ecuador’s decision to limit oil production is unprecedented.

Ecuador unilaterally reducing its oil production will not reduce the planet’s emissions; Other oil countries will take advantage of Ecuador’s self-immolation. What would stop emissions is a cut in fuel subsidies, which would stop waste: Ecuador’s consumption is the highest of the four South American countries bordering the Pacific.

We reduce production and subsidize consumption. We are not contributing to the reduction of emissions and are causing a fiscal crisis. Even when. (OR)