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Latin Times
Latin Times
Business
Azucena Salazar

Ecuador Just Became Peru's Top Oil Supplier — A $1.65B Crude Deal Ends a 4-Year Energy Freeze

Oil Ecuador Peru Daniel Noboa PetroEcuador Keiko Fujimori Lima
An aerial view of the New Talara Refinery complex operated by Petroperú, which has obtained the official Hydrocarbon Registration from OSINERGMIN, authorizing its commercial operation and production of cleaner fuels. (Credit: Photo: Petroperú / Official Press)

The Briefing

  • Ecuador's Petroecuador and Peru's Petroperú signed two crude oil contracts on October 14, 2026, covering a combined 16.2 million barrels of Oriente crude worth an estimated $1.652 billion for Ecuador's treasury.
  • The agreement designates Ecuador as the principal crude supplier for Peru's Talara refinery and ends roughly four years without commercial transactions between the two state companies.
  • At the XVII Binational Cabinet Summit in Lima on October 20, Ecuador's President Daniel Noboa and Peru's President Keiko Fujimori formalized an energy cooperation memorandum to institutionalize the partnership.
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