Watching the World: Ecuador’s oil squeeze

Oil companies are having a rough time in Ecuador, whether from the government or the local citizenry.Indeed, according to Ecuadorean President Alfredo Palacio, it’s high time for the companies to renegotiate their contracts. He told Ecuadorean TV that it is “unfair” for oil companies to keep 80% of their earnings, especially now that crude oil prices are close to $70/bbl.Palacio told viewers that the current 80-20 revenue split between the companies and the government is unsustainable and will be revised to “at least” 50-50. Palacio even said that the foreign oil companies-including Petroleo Brasileiro SA, Repsol YPF SA, Encana Corp., Occidental Petroleum Cor...

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