Investors eye Colombia’s 2026 election amid concerns over leftist President Petro’s fossil-fuel phaseout policies hurting oil output and energy stability.
Colombia’s 2026 presidential election is shaping up as a critical juncture for its oil industry, which accounts for roughly 3% of GDP and 30% of export revenue. President Gustavo Petro’s push to reduce fossil-fuel dependence has slowed exploration and production, contributing to an energy crisis and declining output, according to industry data.
Petro, Colombia’s first left-wing president, won in 2022 on a platform of transitioning to renewables. His administration halted new oil exploration contracts and raised taxes on producers, moves that have deterred investment. Oil production fell to 760,000 barrels per day in 2023, down from 850,000 in 2019.
Markets are watching for signs of a policy shift, with some analysts predicting a rebound in investment if Petro’s successor reverses course. The outcome could determine whether Colombia retains its status as Latin America’s fourth-largest oil producer.