COLOMBIA · OIL POLICY
Key Facts
- Rejected Oil workers’ union USO rejected selling more state shares in Ecopetrol, Colombia’s oil company, on 9 November.
- Proposal The conservative Centro Democrático party’s bloc suggested the sale to plug the fiscal gap without new taxes.
- Missing The draft gives no price or amount, and reports differ on any stake size.
- Union figure The union says Ecopetrol paid over 180 trillion pesos (about US$56 billion) to the state in four years.
- Next Ecopetrol is due to report third-quarter results this week.
- Power Index Colombia ranks 6th of 14 in The Rio Times Latin America Power Index, with 51.1 points (November 2026 edition).
Colombia’s oil workers’ union USO rejected a proposal to sell more state-held Ecopetrol shares to cover the government’s budget gap, in a statement published on Monday 9 November 2026. The union, whose full name is Unión Sindical Obrera, represents Colombia’s oil workers.
For US readers, the dispute puts the ownership of a Latin American oil producer into a budget fight. Investors will watch whether the idea becomes a formal amendment, and Ecopetrol is due to report third-quarter results this week.
What the Proposal Says
The Centro Democrático party, a conservative party whose leading figure is former president Álvaro Uribe, put the idea in its congressional bloc’s first discussion draft of an alternative to the government’s fiscal rescue bill, released on Saturday 7 November 2026. The bill is the government’s plan to close the budget gap.
The draft proposes considering the sale of an additional percentage of the State’s stake in Ecopetrol to plug the fiscal hole without more tax reforms. It gives no price or amount, and press reports differ on whether it names a percentage.
It suggests prioritising the solidarity sector (cooperatives and similar mutual groups) and institutional investors as buyers. It also proposes taking the appointment of Ecopetrol’s leadership out of the president’s hands.
The same draft calls for deeper spending cuts and for tax cuts including the wealth tax. It also proposes a five-year bond mechanism in which companies buy state bonds equal to 20% of profits.
How the Union Answered
The USO said the proposal ignores the world’s geopolitical reality, because oil, gas and other fossil fuels still supply more than 80% of the energy consumed in the world. It argued that the country’s fiscal deficit is not solved by selling off its most strategic and profitable asset.
The union warned that the consequences of that serious mistake would show in the short term for all Colombians. It added a farm image, saying you cannot take milk and eat meat from the same cow.
The USO called Ecopetrol the backbone of the national budget. It said the company gave the Nation more than 180 trillion pesos (about US$56 billion) in four years through taxes, dividends and royalties, converted at about 3,230 pesos per US$, and this is the union’s figure.
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The Union’s Energy Supply Warning
The union also says Colombia’s energy supply is in crisis, and these are its claims, not figures we have verified. It says imports cover 41% of natural gas, 43% of gasolines, 20% of diesel and 12% of the light crude oil fed to the Barrancabermeja refinery, Colombia’s largest.
The USO adds that both refineries run at full capacity, and it blames weak incentives for exploration and delayed offshore gas. It also warns of El Niño, a weather pattern that can cut hydropower and rain.
What the Union Plans Next
The USO says it will call on workers to defend the company, according to its own announcement. It gave no date and named no action.
Readers who want the company background can follow Ecopetrol’s recovery plan. Our earlier report on the gas plan and reserves covers a separate strand of the same story.
What It Means for You
A sale of state shares is so far only a suggestion in a discussion draft, so US investors who follow Ecopetrol have nothing to price yet. No price or buyer has been set.
Ecopetrol reports third-quarter results this week, the next company news investors can price. The union’s call to mobilise workers has no date yet.
What Is Not Known
The state’s current stake and how much would be sold are not known. Nor is it known whether the government backs the idea, since we found no position.
It is also unclear whether the draft becomes a formal amendment. What happens at the union’s mobilisation, which has no date, is not known either.
Frequently Asked Questions
What did the USO union reject?
The USO rejected a proposal to sell an additional percentage of the State’s stake in Ecopetrol to cover the fiscal gap. It said so in a statement published on Monday 9 November 2026.
Who made the proposal?
The bloc of the Centro Democrático party, a conservative party whose leading figure is former president Álvaro Uribe, made it in a first discussion draft released on 7 November 2026. The draft gives no price or amount, and press reports differ on whether it names a percentage.
How much does the union say Ecopetrol gives the state?
The union says Ecopetrol gave the Nation more than 180 trillion pesos (about US$56 billion) in four years through taxes, dividends and royalties. That is the union’s figure.
When does Ecopetrol report results?
Ecopetrol is due to report third-quarter results this week. Whether it will comment on the proposal is not known.
Sources: Unión Sindical Obrera statement, 9 November 2026; Centro Democrático congressional bloc, first discussion draft of an alternative to the fiscal rescue bill, released 7 November 2026.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error