Ecuador has exported almost 20 million barrels of crude oil in “spot” mode

Inspenet, September 26, 2023.

The state company Petroecuador announced that between January and August of this year it has exported a total of 18.3 million barrels of oil through twelve international tenders under the “spot” modality, which involves short-term agreements. Of this figure, 9.8 million barrels correspond to Oriente oil, which is lighter with an API degree of 24, while 8.5 million barrels are Napo crude oil, which is heavier with an API degree of 17.

These exports generated income for the Ecuadorian State for a total of 1,227 million dollars , with 672.6 million dollars coming from the sale of Oriente oil and 555.2 million dollars from the Napo type, as reported by the company in a statement.

Ecuador has obtained positive results

Likewise, the company noted that the use of the market sales method known as “spot” has contributed to increasing revenue, in contrast to long-term agreements. In addition, the allocation of Ecuadorian crude oil sales under the aforementioned system has represented 28.58% of the country’s total oil exports until August of this year, according to the state company.

“Petroecuador will continue to develop its international competitions for the purchase and sale of hydrocarbons in a transparent and efficient manner to obtain better benefits for the country,” the company added.

Oil represents one of the fundamental pillars of Ecuadorian exports and constitutes a crucial source of income for the country.

It should be noted that Ecuador has a daily production of approximately 480,000 barrels of oil, with 70% of this amount destined for export, while the remainder is used in the refining of derived products, especially gasoline to satisfy national demand.


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