Petroecuador Declares Force Majeure

Petroecuador has declared a force majeure on oil exports due to the strike by state oil workers. If the strike continues next week, all shipments will have to be pushed back.

The force majeure warns contract holders that the state oil firm may have to delay shipments in coming days.

The strike has caused the nation's only pipeline, SOTE, to reduce capacity by 30% - 40%. The pipeline carries about 400,000 barrels of crude per day from Amazon oil fields to the Pacific coast for refining or export.