Colombia on Alert Due to Plunge in Oil Prices in the New York Stock Exchange

Energy & Natural Resources attorney Milton Montoya was quoted in an El País article discussing the impact of global oil price fluctuations on Colombia's economy. Mr. Montoya highlighted the pessimistic climate and fears of a possible recession as a result of geopolitical tensions affecting oil prices. He urged that Colombia needs to diversify its energy sources rather than solely relying on fossil fuels, advocating for a gradual transition to renewable energies to maintain fiscal sustainability.

"Colombia needs to diversify. The criticism surrounding President Petro is that he has hindered growth of the oil industry by halting new exploration and contract signings. The country should have gradually transitioned to renewable energies without jeopardizing fiscal sustainability," he said.

READ: Colombia on Alert Due to Plunge in Oil Prices in the New York Stock Exchange