Colombia’s Embattled Oil Industry Hit Hard By Exxon Exit

Since the 2020 COVID-19 pandemic, Colombia’s economically crucial oil industry has struggled to recover. During 2022, Colombia only pumped an average of 754,199 barrels daily, which is significantly lower than the 885,851 barrels per day produced in 2019. This decline occurred despite former President Ivan Duque, in office from 2018 to 2022, aggressively promoting investment in Colombia’s hydrocarbon sector. The economically crucial sector is being buffeted by a multitude of headwinds that are weighing on production and deterring foreign…