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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.

With oil prices jumping on supply disruptions in Iran and Europe, the Colombian currency reached 2,902 pesos to the dollar.

“Colombia's creditworthiness could be pressured” if low growth persists and high fiscal deficits undermine the government’s push to reduce debt.

The prolonged shutdown has cost Colombia some 893,000 barrels of production, according to Ecopetrol.

The OPEC and non-OPEC agreement has brought the Colombian peso back under 3,000 to the dollar for the first extended stretch since October.

Interestingly, this loan — for 990 billion Colombian pesos — wasn't due until February 2024.