After registering significant declines at the start of the week, the stock of ecopetrol still going down this wednesday Colombian Stock Exchange (BVC) and in the New York Stock Exchange (NYSE).
For example, the national oil company’s share registered a 2.76% contraction in the Colombian stock market to $2,364, a figure that places it below the minimum it had reached a year ago of $2,394.
In the case of the New York Stock Exchange, the Colombian company’s shares are listed at $11.67, down 4.15% from Tuesday’s price.
One of the reasons explaining the decline in the company’s stock is the results of the presidential election in which Gustavo Petro was elected.
The president-elect has expressed his intention to halt exploration of Colombia’s hydrocarbon sector, which has created uncertainty about the sector’s future.
Experts and analysts point out that it is necessary for the new government to present more clearly the policies that will be applied to the sector in order to give the market peace of mind.
It should be remembered that the exploitation of hydrocarbons accounts for about 3.3% of Colombia’s gross domestic product (GDP) and that fuels and products from the extractive industries represented 60.8% of the country’s exports last April.
In the international context, it is emphasized that references to oil Brent Yes WTIA show negative trends in their quoted prices.
Oil prices plummet on Wednesday amid pressure from US President Joe Biden to cut fuel taxes and cut costs for drivers amid deteriorated relations between the White House and the US oil industry.
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.