A combination of sharply weaker oil prices, inconsistent regulation, the COVID-19 pandemic, and constant conflict in the Amazon where most of Peru’s onshore oil industry is located has triggered a crisis that has brought the industry to the brink of collapse. This was recently recognized by Peru’s National Society of Mining, Oil, and Energy (SNMPE – Spanish initials) which released a media statement (Spanish) asking the central government to implement measures to reverse the crisis. Lima has long downplayed Peru’s considerable oil potential in preference to advancing the Andean country’s mining industry and exploiting its vast mineral wealth. That saw Peru become the world’s second-largest copper producer and the red metal, which is a vital ingredient in a range of industrial applications, become the country’s top export. The severe economic fallout from the COVID-19 pandemic, with the IMF predicting that Peru’s economy will shrink by a worrying 14%, sees […]