Ecopetrol shares dropped 4.96% to $2,680 on the Colombia Stock Exchange on March 24, as the board debates Ricardo Roa's future as president after his imputation for alleged influence peddling. The USO union threatened a national strike if he is not removed. Analysts criticize the timing amid high oil prices.
Ecopetrol shares hit $2,600 and closed down 4.96% at $2,680 just over three hours before the Colombia Stock Exchange closed on March 24, 2026. The drop persists despite rising Brent oil prices due to the Middle East conflict, linked to uncertainty over Ricardo Roa's tenure as president of the state oil company. Roa was imputed by prosecutors a week ago for alleged influence peddling in purchasing a luxury apartment in an exclusive Bogotá neighborhood, plus alleged campaign finance violations in Gustavo Petro's 2022 presidential run, as reported by La República. The USO union sent a letter to the board demanding Roa Barragán's immediate removal, threatening a national strike otherwise to protect Colombia's assets. 'We request immediately that [...] Ricardo Roa Barragán be removed from his position,' the statement reads. USO notes Ecopetrol's reputation fell 15 spots in Merco rankings (from 2nd in 2023 to 17th in 2025), risking share value loss and investor distrust. Sources confirmed six board members—Hildebrando Vélez, Alberto Merlano, Ángela Robledo, Lilia Tatiana Roa, Juan Gonzalo Castaño, and Carolina Arias—met that morning and favor ratifying Roa. Analyst Juan Pablo Vieira called it detrimental: 'The world is handing it a golden opportunity, but its own leadership is tarnishing it.' Vieira urged Roa's exit to restore confidence.
