Ecopetrol Would Have Stopped Extracting 55,000 Barrels A Day
Energy & Natural Resources Senior Counsel Inés Elvira Vesga was quoted in a Portafolio article describing the effects of the fall in oil prices and the health emergency due to COVID-19 on the workload of Ecopetrol during the second quarter. The effects of the decreased global demand because of these factors were evident. For example, Ecopetrol close more than 300 wells.
"When the quarantines began, it was discovered that the world did not have sufficient storage for the excess supply, which also influenced the price and led the producers to restrict the pumping processes," she explained. "And Ecopetrol has closed wells as a means to face the crisis."