Day: Mar 20, 2020

WTI Oil Continues to Drop to its Lowest Level of $22.67

Oil prices continue to fall and today the WTI barrel, the benchmark for Bolivia, reached its lowest rate in 17 years at $22.67. Bolivia calculated the General State Budget (GSB) for 2020 with a reference price of $59.87 a barrel of oil. So far, there is a decrease of $37.2 (62%), which will mean a drop in the country’s income from gas exports to Argentina and Brazil.

Oil fall will generate an impact of $578.8 million

The significant drop in international oil prices that will affect the value of Bolivia’s natural gas exports is expected to fall by some $850.5 million, 2% of GDP, by 2020. In the case of oil imports, the State expects savings of $271.7 million, 0.7% of GDP. The net impact would be a decrease of 1.3% of the GDP, in value of $578.8 million. The president of YPFB asked sub-national governments to re-evaluate their projects.

Covid-19: 80% of companies report economic damage from restrictions

80% of the 3,500 companies in Cochabamba have economic problems due to the measures taken to stop the advance of Covid-19. The Federation of Tourist Activities and Entertainment Cochabamba (FATEC), which brings together discos, bars, liquor stores, nightclubs and musicians, reported that more than 13,000 members have no way to generate economic resources and are asking for support.