# Under Gustavo Petro, Colombia Leads Major Producers on Ditching Oil

> 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.

- Date: 2022-10-26 · published 2022-10-26T12:00:00.000Z
- Category: policy · region Colombia · magnitude low
- Page: https://feedsoft.ai/events/39413-under-gustavo-petro-colombia-leads-major-producers-on-ditching-oil
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-07-26 | [Major oil producers may withdraw again – Commerzbank — Octa](https://feedsoft.ai/events/29476-major-oil-producers-may-withdraw-again-commerzbank-octa.md) | -2.3% | -7.0% |
| WTI | 2023-06-05 | [Saudi Arabia's 'icing on the cake' oil cut could feed US producers](https://feedsoft.ai/events/35400-saudi-arabia-s-icing-on-the-cake-oil-cut-could-feed-us-producers.md) | -2.2% | -2.8% |
| WTI | 2020-08-19 | [OPEC+ leaders push to maintain production cuts as oil recovery slows](https://feedsoft.ai/events/51534-opec-leaders-push-to-maintain-production-cuts-as-oil-recovery-slows.md) | +0.8% | -6.3% |
| WTI | 2024-12-05 | [Explainer: How are OPEC+ oil producers unwinding their output cuts?](https://feedsoft.ai/events/26875-explainer-how-are-opec-oil-producers-unwinding-their-output-cuts.md) | +2.6% | +8.3% |
| WTI | 2023-10-04 | [OPEC+ Leaves Oil Production Levels Unchanged \| OilPrice.com](https://feedsoft.ai/events/33525-opec-leaves-oil-production-levels-unchanged-oilprice-com.md) | -3.7% | -8.8% |
| BRENT | 2024-07-26 | [Major oil producers may withdraw again – Commerzbank — Octa](https://feedsoft.ai/events/29476-major-oil-producers-may-withdraw-again-commerzbank-octa.md) | -2.5% | -5.4% |
| BRENT | 2023-06-05 | [Saudi Arabia's 'icing on the cake' oil cut could feed US producers](https://feedsoft.ai/events/35400-saudi-arabia-s-icing-on-the-cake-oil-cut-could-feed-us-producers.md) | -1.7% | -1.8% |
| BRENT | 2020-08-19 | [OPEC+ leaders push to maintain production cuts as oil recovery slows](https://feedsoft.ai/events/51534-opec-leaders-push-to-maintain-production-cuts-as-oil-recovery-slows.md) | +1.2% | -11.8% |

## Sources

- bloomberglinea.com: https://www.bloomberglinea.com/english/under-gustavo-petro-colombia-leads-major-producers-on-ditching-oil/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.