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This oil crisis is quite different from the previous ones because instead of raising the price of a barrel of oil, it lowers it to levels well below the world standard cost of production due to the global economic slowdown caused by the pandemic.

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

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.