Colombia’s projected 2016 oil revenue 6 times less than in 2014

[Judi Lynn]

Colombia’s projected 2016 oil revenue 6 times less than in 2014
Posted by Adriaan Alsema on Aug 12, 2015

Colombia’s government expects to receive $1.1 billion in oil revenue in 2016, a fraction of the $6.7 billion generated in 2014.

While debating the government’s 2016 budget proposal in Congress, Finance Minister Mauricio Cardenas revealed how much the dropping oil prices are hurting revenue from royalties.

In spite of producing approximately a million barrels of crude oil a day, Cardenas explained that oil revenue in 2016 is likely to be no more than $1.1 billion (COP3.3 trillion).

This is six times less than last year when the government received $6.7 (COP19.7 trillion) and seven times less than in 2013 when royalties brought in $8 billion (COP23.6 billion).

More:
http://colombiareports.com/colombias-projected-2016-oil-revenue-6-times-less-than-in-2014/

[6chars]

1. that doesn't make any mathematical sense

1/6th as much, sure. 5/6ths less, maybe. Not 6 times less. That would be -5 times the current amount.