A trucker strike that has kept approximately 40% of trucks off the road in Colombia is beginning to cause food shortages and increased food prices in Bogota and Medellin.
Ecopetrol, the state oil company of Colombia, announced today that it would not extend the Rubiales and Pirirí Field Association Contracts with oil firm Pacific Rubiales.
Net profits at Colombia’s state-controlled oil producer Ecopetrol fell 42.7% in 2014 versus the year before, due to lower crude prices and higher costs.
Following years of trade surpluses, Colombia ended the year 2014 with a record trade deficit due to decreased revenue of exports and growing imports.
Colombia will delay spending $2.44 billion (6 trillion pesos), some 3% of its national budget, due to a sharp fall in oil revenue, the government said on Saturday.
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