Colombian oil exports at record high

Ecopetrol Colombia announced record high April oil export figures Monday, which rose to over 400,000 barrels a day – the highest since July 1999, reports El Espectador.

The value of crude and refined product exports climbed to $906 million, led by the Castilla oil field in Meta department, which produced 269,230 barrels of crude oil a day in April, breaking a record set in November last year.

Fuel oil exports also helped drive the surge, with 55,570 barrels a day exported due to the increase in transportation as the Magdalena River became more navigable.

The main destination for exports was the Gulf Coast of the U.S. and Asia which received 58% and 24% of Colombian oil respectively.

In March, Ecopetrol announced first quarter profits 30% higher than the same period in 2009. 

An emerging markets fund manager recently predicted that within ten years, Colombia could be producing more oil than neighboring Venezuela.

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