Colombia's oil production fell 13.5% year-on-year in November to 760,940 barrels per day (bpd), the Ministry of Mines and Energy reported Wednesday. Average crude oil production between January and November reached 783,291 barrels per day, a drop of 11.6% compared to the same period in 2019, when it stood at 886,180 bpd. The pumping of crude in Colombia was reduced during 2020 due to a drop in demand, high supply and low prices amid the coronavirus pandemic.
According to the most recent report from Bancolombia's NowCast Index, Colombia's productive activity in the fourth quarter would have fallen 4.3%, against a 3.3% growth in the same quarter of 2019. With these results, the estimated change in productive activity in 2020 is -7%, a less pronounced contraction than expected in Bancolombia's baseline scenario of -7.5%.
International coffee exports rose 6.5% in the first two months of the 2020-21 season compared to the same period a year earlier, the International Coffee Organization (ICO) said in a report on Wednesday. The main factor behind the rise was a jump in exports from Brazil, which produced a record harvest in 2020. Brazilian shipments soared 23% in the period to 8.3 million bags. Exports of mild varieties from Colombia decreased 4.5% in the first two months of the 2020-21 season, while exports of other mild Arabicas fell 5%. Robusta exports fell 1% in that period.
Mining and energy minister Diego Mesa has previously said that Antioquia and Caldas departments have potential for copper mining, as the national mining agency (ANM) targets copper production of 2Mt by 2030. Two new projects are advancing in Colombia. AngloGold Ashanti has the Qebradona copper-gold project for which the feasibility study concluded and engineering started in 2020, while local consultation programs are underway. Vancouver-based Cordoba Minerals' San Matias copper project in Córdoba department is in the advanced exploration stage.
Banco Santander has become the 14th primary dealer in the domestic Colombian government bond market, said the finance minister, representing the first expansion of the sovereign´s market makers since 2016.
As Colombia faces 100.000 active cases of Covid 19, the government is adopting new measures in cities with high occupancy in Intensive Care Units (ICU). Among them, curfews, restriction of non-priority surgeries, prohibition of social gathering and commercial restrictions.