The Small Latin American Nation That Could Benefit From Russia’s Oil Ban

For over a decade the deeply impoverished and mountainous South American nation of Ecuador has battled to revive its flagging oil industry. Washington’s decision to ban Russian energy imports in the wake of the invasion of Ukraine has sparked speculation that Ecuador, which has oil reserves of over 8 billion barrels, can fill the supply gap. Since 2021, U.S. refiners have been looking at whether Ecuador can supply the heavy crude oil that many of their facilities are configured to process. According to Bloomberg, U.S. refiners Valero and…