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jose chalhoub

Colombia's Presidential Elections May 27th.

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Even if now for this weekend global investors and analysts of oil and gas markets are watching closely presidential elections in Venezuela and its potential impact in the short term on prices, its also important to set on the table for discussion the upcoming elections in Colombia next weekend, where the left could hit a surprise as Gustavo Petro, leftist candidate and admirer of the socialism in Venezuela, has been trailing importantly to the first place as elections nears. This is important to consider as ECOPETROL, colombian largest oil producer, has been ramping up oil production in the last years now over 1 millions of barrels a day, and becoming a source of exports to the U.S. along with Guyana the other emerging energy player in the region of South America.

So its important to foresee in many ways what an election of Gustavo Petro might mean for the colombian oil industry, and also what impact will make for the peace process being held with the Ejercito de Liberacion Nacional in Havanna with the colombian government. In my view, Colombia and Mexico if won by the left could be important headaches for Washington as the left is trying to make a comeback in South America. Just to give a clue, the recent request by Argentina's President Macri to the IMF of 30 billions of dollars could be an igniter of his resigning and being exploited by the left to make a comeback also in this country with important shale gas production and reserves like the one in Vaca Muerta. So, Colombia in this case is another issue to watch in global oil geopolitics. 


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