Ecuador to export 10.8 million barrels of oil, projecting $872 million in revenue

Ecuador is set to export 10.8 million barrels of crude oil in the coming months, a move expected to generate $872 million in revenue for the state. The shipments, scheduled between August and October 2026, were finalized through five international public tenders managed by the state oil company, EP Petroecuador.

The export deal encompasses 7.92 million barrels of Oriente crude and 2.88 million barrels of Napo crude. The final sale price will be determined by the international benchmark West Texas Intermediate (WTI), a standard reference for Ecuadorian oil in global markets. Unipec America Inc. and PetroChina International Co. Ltd. secured the contracts after submitting the most competitive bids on July 27.

EP Petroecuador established commercial differentials against the WTI price, a common practice in the oil industry that adjusts crude value based on quality, demand, and market conditions. For Oriente crude, the differentials ranged from -$10.70 to -$6.88 per barrel. Napo crude was set at a differential of -$14.50 per barrel.

These tenders aimed to foster greater competition among buyers and secure optimal commercial terms for Ecuador. The operation occurs amidst significant volatility in energy markets, influenced by geopolitical tensions in the Middle East, which directly impact oil prices and export revenues. Ecuador's logistical capacity to support production and exports has been bolstered by an 11.7% increase in crude transport via the SOTE pipeline during the first half of the year.