Mining sector's GDP could fall by nearly 3%
The mining-energy sector could continue with negative figures in 2026. Photo: Mauricio Moreno / Portafolio
TL;DR
- Corficolombiana forecasts a 2.9% drop in Colombia's mining and energy GDP for 2026.
- The oil subsector is projected to decline by 3.2% due to lower extraction, no new exploration contracts, and higher taxes.
- Coal is expected to fall by 12.8% due to decreased extraction, lower international demand, and energy transition pressures.
- Colombia banned coal exports to Israel in August 2025.
- Coal exports to Israel were valued at US$225.2 million in 2024.
- The gas subsector is predicted to remain negative, with falling local production leading to greater reliance on imports.
- The mining and energy sector recorded a 6.2% fall between October and December 2025.
- Metalliferous mineral extraction saw the largest drop at -13.5% in the fourth quarter of 2025.
- Crude oil and natural gas extraction fell by -4.3%.
- Oil reserves slightly increased to 7.2 years but remain below 2022 levels.
- International oil prices decreased in 2025 due to increased production by OPEC+ countries.
- Strategic projects like the Sirius initiative are crucial for future gas supply.
- Gas regasification solutions are planned for late 2027.