Country Analysis Brief: Ecuador
"Ecuador is one of Latin America’s largest crude oil exporters, with net oil exports estimated at 350,000 barrels per day (bbl/d) in 2006. The oil sector dominates the Ecuadorian economy, accounting for almost half of total export earnings and one-third of all tax revenues. Despite its large oil exports, Ecuador must still import refined petroleum products due to the lack of sufficient domestic refining capacity to meet local demand. As a result, the country does not always enjoy the full benefits of high world oil prices: while these high prices bring Ecuador greater export revenues, they also increase the country’s refined product import bill."