Latin America feels the heat
Extreme weather conditions are compounding upstream challenges and pressuring governments across the region
Many Latin American countries are suffering their worst droughts in decades, affecting some of the region’s largest oil and gas producers. Several have not seen any rainfall in months, while further east major tributaries of the Amazon River have dropped to record low levels. Ecuador is among the worst hit. Already suffering a security crisis, the country is experiencing its worst drought in 61 years. Widespread blackouts have hit the power sector, while the government has been forced to ration electricity due to Ecuador’s dependence on hydroelectric power. Already, the crisis has had political implications. Ecuador’s minister of energy, Antonio Goncalves, resigned in early October and was r

Also in this section
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
6 August 2025
Diesel market disruptions have propelled crude prices above $100/bl twice in this century, and now oil teeters on the brink of another crude quality crisis
5 August 2025
After failed attempts to find a buyer for its stake in Russia’s largest oil producer, BP may be able to avoid the harsh treatment meted out to ExxonMobil and Shell when they exited—and could even restart operations if geopolitical conditions improve
1 August 2025
A number of companies have filed arbitration claims against Gazprom over non-deliveries of contracted gas or other matters—and won. The next step is to collect the award, but this is no easy task