Ecuador’s Declining Oil Output Threatens to Spark an Economic Crisis

The last decade has been especially grueling for Ecuador’s economically vital oil industry. Plummeting investment, heavily corroded infrastructure, endemic corruption, violent protests, severe oil spills and rising insecurity are all weighing on operations. The sharp decline in oil production is weighing heavily on government finances at a time of increased spending due to a national security crisis. To rescue the economically crucial industry and boost fiscal revenue, President Daniel Noboa launched a $47 billion plan to revive Ecuador’s…