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Colombia under President Gustavo Petro has stopped issuing new oil exploration licenses and is pursuing a fracking ban and higher energy export taxes. State producer Ecopetrol is dropping fracking pilot projects, and industry groups estimate a 30% drop in sector investment.
Other major producers are loosening fossil fuel constraints while Colombia tightens them.
Lower Colombian oil output and investment are a marginal bullish factor for crude prices, though Colombia's supply share is small relative to global markets and has limited direct effect on feed commodity prices.
bloomberglinea.comPeter Millard, Patricia LayaOct 26, 2022After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
