August 11, 2022

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Ecuador: Oil production must be halted within 48 hours if protests continue

Ecuador’s oil production is at a “critical level” and will be halted within 48 hours if protests and blockades continue in the country, the Ecuadorian Ministry of Energy said on Sunday.

“If this situation continues, the country’s oil production will be halted within 48 hours because deforestation, seizure of wells and road closures will prevent it from carrying supplies needed to maintain operations and diesel,” the ministry said in a statement.

The same ministry said that “oil production is at a critical level” after nearly two weeks of civil strife against the high cost of living, with roadblocks and roadblocks in 19 of the country’s 24 provinces.

“Today, the figures show a more than 50% drop in production,” which was about 520,000 barrels a day until June 12.

Ecuador has significant hydrocarbon resources, concentrated in its Amazon provinces, and oil is its primary export product.

Nearly 14,000 tribal protesters have rallied across the country against the rising cost of living, especially the demand for lower fuel prices, according to police, who estimate their number in the capital at nearly 10,000.

There is already a shortage in Quito, where prices have risen and many markets have closed.

The Human Rights NGO says five people have been killed in violence between demonstrators and police. About 500 people were injured – civilians, police and soldiers – according to various sources.

AFP

On Sunday, Production Minister Julio Jos பிரா Prado noted today that “the total economic losses between the public sector, such as the oil sector and the private sector, are $ 500 million.”

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“Every extra day of idle time loses $ 40 to $ 50 million,” he said. Prado said.

“In the dairy industry, there is a loss of 8.5 million liters of milk, which stands at $ 13 million. In agriculture and livestock, the losses have exceeded $ 90 million,” the minister said.

“In the floriculture sector, the 12-day shutdown caused $ 30 million in damage and damage to trucks and flower farms.” The tourism sector was “another sector most affected, with about 80% cancellations and losses of at least $ 50 million”.