Ecuador Cancels Oil Sale Amid Price Collapse

The country's state oil company cancelled a 2.88 million barrel sale this week after receiving disappointing offers.

RIO DE JANEIRO, BRAZIL - Petroecuador is yet another Latin American oil company to cancel an oil sale as the coronavirus pandemic crushes global demand for energy.

The state-owned company cancelled a sale of 2.88 million barrels of Oriente oil this week after receiving disappointing offers, said spokesman Vladimir Cabezas.

"The offers were not what we expected," he said. It is the first time Petroecuador has not completed an oil bid since the company resumed sales in 2017, after a five-year hiatus.

The sales cancellation is yet another consequence of poor demand and excess supply. While global refineries . . .

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