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Ecuador's oil production increase slightly in 2011
Department said non-renewable natural resources in Ecuador on Monday that the country has increased its crude oil production in 2011 increased by three percent to about 500 thousand barrels per day. The leftist President Rafael Correa has initiated reforms to increase the country's oil revenues after the arrival to power in 2007, prompting companies to freeze investments. But in the face of rising oil prices, some companies carried out investments over the past few months, which helped Ecuador to increase production slightly. The ministry said in a statement that the daily production for the youngest producer in OPEC, rose to 500,378 barrels in 2011 from 486,014 barrels in 2010. Reuters
Department said non-renewable natural resources in Ecuador on Monday that the country has increased its crude oil production in 2011 increased by three percent to about 500 thousand barrels per day. The leftist President Rafael Correa has initiated reforms to increase the country's oil revenues after the arrival to power in 2007, prompting companies to freeze investments. But in the face of rising oil prices, some companies carried out investments over the past few months, which helped Ecuador to increase production slightly. The ministry said in a statement that the daily production for the youngest producer in OPEC, rose to 500,378 barrels in 2011 from 486,014 barrels in 2010. Reuters
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