A lack of oil discoveries is causing Colombia’s economically crucial petroleum reserves and production to deteriorate, sparking speculation that the industry is trapped in a death spiral. President Gustavo Petro’s bid to reduce dependence on fossil fuels by banning oil exploration and hydraulic fracturing is only accelerating the industry’s demise. This is severely impacting government income, exports, and the economy at a time when Bogota is particularly exposed to financial and geopolitical risks. Time is fast running out for…