Colombia’s Oil Reserves Seen Falling as Petro Bans New Drilling
- Government is expected to publish reserves report this month
- Analysts are doubtful Colombia will lift ban on new drilling
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An imminent Colombian government tally of the nation’s oil reserves is expected to show a decline, putting pressure on President Gustavo Petro to reconsider his ban on new fossil-fuel contracts.
A National Hydrocarbons Agency report scheduled for release later this month is expected to show the reserves shrank last year from the previous assessment of 7.6 years and 8 years, respectively, of crude and natural gas output, analysts said.