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Country Analysis Brief: Ecuador

September 4, 2011 Comments off

Country Analysis Brief: Ecuador
Source: Energy Information Administration

Ecuador is one of Latin America’s largest oil exporters, with net oil exports estimated at 285,000 barrels per day (bbl/d) in 2010. The oil sector accounts for about 50 percent of Ecuador’s export earnings and about one-third of all tax revenues. Despite being an oil exporter, Ecuador must still import refined petroleum products due to the lack of sufficient domestic refining capacity to meet local demand. As a result, the country does not always enjoy the full benefits of high world oil prices: while these high prices bring Ecuador greater export revenues, they also increase the country’s refined product import bill. 

Map of Ecuador

 

In 2007, Ecuador re-joined the Organization of the Petroleum Exporting Countries (OPEC), after leaving the organization at the end of 1992. Ecuador is the smallest oil producer in OPEC, with an assigned production quota of 434,000 bbl/d. Despite an increasingly challenging investment environment, data available indicate that Ecuadorian production is increasing in 2011. A growing share of Ecuador’s exports are going to China, which has secured fixed supply in exchange for loans from the China Development Bank.
Categories: Ecuador, energy, Energy Information Administration

Country Specific Information: Ecuador

May 8, 2011 Comments off

Country Specific Information: Ecuador
Source: U.S. Department of State

May 03, 2011

COUNTRY DESCRIPTION: Ecuador is a Spanish-speaking country about the size of Colorado. It has a democratically-elected government and national assembly. Ecuador is geographically and ethnically diverse. In general, tourist facilities are adequate but vary in quality. Ecuador has used the U.S. dollar as its official currency since 2000. Both U.S. coins and Ecuadorian coins, which are equivalent to the value of the U.S. coins, are used. Read the Department of State’s Background Notes on Ecuador for additional information.

Please visit our section on the Galapágos Islands for more information.

Categories: Ecuador, international relations, transportation and travel, U.S. Department of State
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