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Colombian oil firms hit by OPEC decision

Tuesday, December 2, 2014


Following the Organization of the Petroleum Exporting Countries, OPEC, decision to maintain oil production at 30 million barrels per day, stock prices of oil companies operating in Colombia dropped.

Though Venezuelan Foreign Minister Rafael Ramirez tried to convince the oil group to reduce production by 2 million barrels per day, OPEC only agreed to reduce “overproduction,” meaning anything beyond the current limit.

Share prices of Pacific Rubiales dropped more than 8 percent, while Canacol dropped 7.7 percent.

Source: Colombia Reports