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Rebel attacks force Ecopetrol to trim oil forecast

Thursday, July 26, 2012

Ecopetrol, the world’s best- performing major oil producer, trimmed its production forecast this year by 2.5 percent after guerrillas increased attacks on infrastructure in Colombia.

Average output will reach 780,000 barrels a day, according to a presentation posted on the Bogota-based company’s website. The state-run company as recently as this month forecast average output of 800,000 barrels a day.

Guerrillas have stepped up attacks on pipelines and oil fields, increasing transport costs and hampering production gains at Ecopetrol.

Source: Bloomberg