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  • Unscathed State Monopoly - WA#27
    Unscathed State Monopoly - WA#27

    Downstream oil industry

  • As of May 2020, the raw material processed at the Esmeraldas refinery plummeted to just 22,818 bpd, a y-o-y decrease of -77.1%. This is the effect of pipeline rupture and lockdown. But even before the appearance of covid 19, processed raw material had been on the decline since February 2018. (WA#27)

  • Once the lockdown set in, private banks reduced credit. As of May, operations are down -$602 mn and -1.9% from a month before, and barely up .3% y-o-y. (WA#26)

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Weekly Analysis Briefs

  • 27.- UNSCATHED STATE MONOPOLY

    After several attempts, the government created a price-setting new mechanism for gasoline and diesel prices that does not release controls, but creates a narrow band to contain fluctuations. The first price change is to take place on July 11. A 5% increase in gasoline and diesel prices can be expected. The new scheme has a clearly political priorit...

  • 26.- BANKS TO RESUME LENDING

    Bank credit shrank strongly in April for second month in a row; however, deposits have held firmer than thought, so banks have gained significant liquidity. Expect no more credit contraction in June, and a return of banks to lending in July. The authorities should be submitting these days their restructuring proposal to bondholders. The aim is f...

  • 25.- HUMANITARIAN LAW APPROVED

    At 00h40 of Friday 19, the Assembly dealt with the government line-item veto and the Humanitarian Law was approved. It introduce some flexibility in labor relations to stop job destruction: change of the work-week schedule, suspension of work, reduction of working hours, and granting management authority to schedule personnel holidays. A polemic in...