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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


    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...


    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...


    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...