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Analysis: Colombia’s oil industry triggered an economic miracle and is also cause for its downfall

By Matthew Smith for

RIO DE JANEIRO, BRAZIL - Colombia is not a country usually associated with crude oil. Low proven petroleum reserves and falling production see Colombia rank well behind many of the global oil heavyweights, yet petroleum has emerged as a crucial economic driver and is responsible for a significant portion of export earnings and fiscal revenues.

At the peak of the last oil boom when Brent was trading at over US$100 per barrel, Colombia was pumping just over one million barrels daily, giving the economy a notable boost. By 2013, crude oil was responsible for . . .

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