The Colombian peso, which had climbed to a four-month high
past the 3,000 COP : 1 USD, fell
back to earth on Monday, when it weakened to 3,068 per dollar. Bloomberg
explained that the peso’s rally was driven by a climb in oil prices, which
dropped upon news that Saudi Arabia would only freeze its oil production if
rival Iran did the same.
In related news, Ecuadorean president Rafael Correa told the
press that oil officials from Colombia, Ecuador, Mexico, and Venezuela will meet on
Friday to discuss freezing oil production and any other tools the countries
might be able to use to raise oil prices. Correa noted that the meeting was
originally supposed to take place in March, but was postponed due to scheduling
difficulties. Ecuador’s goal is to win support for a proposal in advance of
OPEC’s next meeting on April 17.
The Colombian weekly Semana
wrote about the terrible effects that the global oil crisis has had on the four
leading lights of Latin America’s oil industry, state-owned oil companies
Petrobras, Pdvsa, Pemex, and Ecopetrol. The article explained that after
enjoying several decades of exuberant growth, the oil companies are now
experiencing great difficulties, which have also affected the finances of their
respective national governments.
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