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Fitch says it would also consider a further upgrade if Gran Tierra diversifies its operations and enhances oil and gas sales prices.

The collapse in oil prices has led ACP, Colombia's petroleum industry association to call on the country's government to allow flexibility in the regulated pipeline transportation costs, that now make up almost half the cost of a barrel of oil, says the trade group.

Ecopetrol To Reduce 2020 Investment By $1.2 Billion USD Due To Pandemic, Economic Conditions

Within this role, Caballero will be the compliance agent for financial reporting to the Colombian Finance Superintendency.

Ecopetrol reported 15.8 trillion pesos in earnings, an increase of 37.7% compared to the 11.5 trillion pesos brought in during the first half of 2017.

Rising oil prices were the biggest factor. The extractive industry exported $11.8 billion USD — nearly 60% of the nation's export value in the past six months.

Despite a major oil spill and below-target production, Ecopetrol reported its best quarterly results in four years amid higher oil prices.

Growth will be driven by higher commodities prices, improved household consumption, and a more balanced performance across various sectors.

The U.S. dollar currency index fell by almost 1% Wednesday afternoon to a 52-week low following market-moving comments by the U.S. treasury secretary.

Despite the year-over-year drop, the actual output did exceed Ministry of Mines and Energy's estimate of 840,000 barrels of oil per day.