ECOPETROL COULD DESTINATE LESS RESOURCES FOR THE NATIONAL GOVERNMENT IN 2013.

ECOPETROL COULD DESTINATE LESS RESOURCES FOR THE NATIONAL GOVERNMENT IN 2013.

The international crude oil prices are droping with some fluctuations on the way about a month ago.

The deceleration of the Chinesse economy, the crisis in Europe, and the very slow recovery of the United States are having a negative impact in the cotization of the international price of this commodity. According to the Energy Information Service of the United States, the price of  Brent Barrel accumulated a fall of 8.70% by the close of the report made on the 5^th of June, but if we took into account the close made on May 5^th reflects a fall of around 17%.

This obviously generate a negative impact in the profits of Ecopetrol, which is one of the sources for the funding of the Colombian National Government providing royalties, profits and taxation.

But the CEO of the company, Dr. Javier Genaro Gutierrez said that could be a compensation regardin the drop of international prices, due to an increase on the production level. Another thing is that Dr. Gutierrez said that the budget for the current year was made by taking into account an international oil price of 72 dollars per barrell, which added to the increase in the levels of oil extraction could compensate the fall of the international prices.

In 2011 the contribution made by Ecopetrol reach 19.39 billion COP$, representing an increase of 65% in comparison with the contribution made in 2010. The contribution consisted in 42% royalties, 27% profits, 21% income tax and others, and the remaining 10% indirect taxes.