Data was supplied by CEPAL in their report "Central Hydrocarbons Statistics, 2009."
ELnuevodiario.com.ni informed, "According to the numbers, in 2009, 112.9 million barrels were imported, of which 87% were petroleum products and the remaining 13% corresponded to crude oil imports. Also according to data, oil purchase in 2009 was 34% and 13% lower than in 2008 and 2007 respectively ...".
At the end of August 2015 production was 2.4 million barrels, 2.5% less than in the same month in 2014, mainly because of lower investment on the part of operators.
Low international oil prices are the main reason that companies drilling and extracting oil in the country have reduced their investments and therefore their production, taking advantage of the situation to carry out maintenance work in the fields.
The new government will continue with the price cap system implemented in September 2008 to regulate fuel prices.
The intention of the Organization of Petroleum Exporting Countries (OPEC) to press for oil prices to reach $75 per barrel at the end of 2009 is a major reason to give continuity to the price cap system set in 2008 when the price of fuel in Panama almost reached $5.
There is still no official information about whether brand name distributors will be able to keep importing fuel from their source of choice.
The request for entry into the oil agreement with Venezuela marks the economic and political differences between the outgoing government of Mauricio Funes and that of the new President Sanchez Ceren, indicating a higher affinity for the conglomerate led by Venezuela.
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