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In recent years, Colombia’s production growth turned it into South America’s third-largest oil producer behind Brazil and OPEC member Venezuela. However, some of Colombia’s headline-making oil finds have not been as lucrative as previously hoped and Ecopetrol lacks the offshore heft to compete with other major global integrated oil companies.
That underscores the point that investors in GXG are making an indirect bet on oil prices rebounding further.
For more information on the developing economies, visit our emerging markets category.
Global X MSCI Colombia ETF