Ecopetrol Reports Profit Drop Amid Tariff Concerns on American Food Imports

Colombia's state-owned oil producer Ecopetrol reported a 7.8% net profit decrease in the fourth quarter, attributed to lower oil prices and a stronger U.S. dollar. The net profit for the quarter was 3.9 trillion pesos ($945 million), while total sales remained flat at 34.8 trillion pesos. The company's annual net profit also fell by approximately 22% compared to the previous year, reaching 14.9 trillion pesos ($3.6 billion). Oil and gas production declined nearly 4% year-on-year to 730,100 barrels of oil equivalent per day. Meanwhile, concerns rise over potential tariffs on American agriculture imports, which could increase the price of fruits, vegetables, sugar, and coffee. Meat prices are also at risk, especially considering the lowest cattle herd in 74 years and record beef imports of $11.7 billion last year. US President Donald Trump's tariffs on goods from major trade partners have already raised American import duties to their highest average level since 1943.