For those reasons, Colombia’s petroleum industry is a key driver of the economy and the local currency, the peso, is correlated to the price of crude oil. Since then, growth has effectively stalled because of declining crude oil production, softer petroleum prices and the fallout from the pandemic. Buy A Food Basket For Those In NeedThe strife-torn Andean country is struggling to restart its oil industry and grow production as well as oil reserves. Civil unrest is also a constant threat for Colombia’s oil industry, particularly with its social license deteriorating in regional communities. Those reserves at the current rate of production have an estimated production life of just over 6 years, highlighting the urgency with which Colombia needs to ramp up oil exploration and development activities.

Source: The North Africa Journal November 22, 2021 20:03 UTC