Sharply weaker oil prices, falling investment and dwindling oil production are weighing heavily on Colombia’s economic outlook. Last decade, the strife-torn Andean country bet its economic future on oil and became Latin America’s third-largest oil producer. A combination of deteriorating oil production and low reserves, despite promising estimates of the Andean country’s oil potential, weigh heavily on Colombia’s economy. By the end of 2019, Colombia’s proven petroleum reserves were a mere two billion barrels giving the country around six years of oil production. Those inadequate reserves, a lack of recent major hydrocarbon discoveries and the country’s economic dependence on petroleum hastens the need for Latin America’s third-largest oil producer to boost its oil reserves. In response to the dire outlook for Colombia’s hydrocarbon sector and to stave-off a looming economic crisis , President Ivan Duque’s administration is focused on expanding crucial petroleum reserves and production. In November 2018, Duque […]