Ecopetrol, Colombia’s leading state oil company, is currently grappling with significant challenges resulting from a steady decline in crude oil prices. According to company President Ricardo Roa, the slump in oil prices could shrink the company’s profits by an estimated 12 trillion Colombian pesos – approximately 2.76 billion US dollars – this year. This forecast underscores the pressing need for a strategic reassessment of production policies and a focused drive toward cost optimization.