Alvaro Noboa warned in 2012 that “relying on oil is a problem for the country [JUNE 2012]

The Ecuadorian political leader Alvaro Noboa, in statements during a press conference in June 2012, warned all Ecuadorians about future economic problems Ecuador would face since the budget of the current government depends only on the inputs generated by the sale of oil.

Declaration made in June 2012

Declaration made in June 2012


We are entering into a very serious economic crisis. The price of Oil is falling. We have to remember that the Ecuadorian oil has, in addition, a little punishment. And the budget of the Ecuadorian state, in deficit, is calculated with a oil price of $80 per barrel. In other words, We have serious economic problems.

In my government, I will not depend on oil, I want a global economic development, as in the countries of first world, where there is industry, commerce, agriculture, tourism, fishing … everything that generates wealth. Not just one or two economic entries as here in Ecuador.