{"product_id":"ecopetrol-pestle-analysis","title":"Ecopetrol PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eYour Competitive Advantage Starts with This Report\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eEcopetrol's PESTLE highlights how regulatory shifts, commodity cycles, and ESG pressures reshape its strategic outlook, while technological advances and social expectations create both risk and opportunity for growth. This concise snapshot guides investors and strategists toward smarter, risk-aware decisions. Purchase the full PESTLE for a detailed, actionable breakdown ready for immediate use.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eState ownership and policy direction\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eEcopetrol’s majority state ownership (approximately 88.5% held by the Republic of Colombia) aligns corporate strategy with national fiscal needs and energy security. Government targets for dividends and fuel affordability steer capital allocation and can prioritize upstream or refining projects over pure commercial returns. Policy continuity across administrations influences exploration, refining and transition timelines, while alignment or divergence with Colombia’s and Ecopetrol’s 2050 net-zero commitment will accelerate or slow portfolio shifts.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHydrocarbons licensing and royalties\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChanges to exploration licensing, bidding rounds and royalty formulas can materially alter Ecopetrol’s reserves growth and cash flow; Ecopetrol averaged about 700 kbpd in 2024 and royalty rates in Colombia typically range from 8% to 25%, so a revision could swing annual cash flow by hundreds of millions of dollars. Ongoing debates over new oil and gas contracts raise planning uncertainty for multi‑year projects. Redistribution of royalties to regions directly affects local support and permitting. Stability in fiscal terms is critical for long‑cycle upstream investments.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSecurity and social order risks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eArmed group activity and vandalism continue to disrupt pipelines, fields and logistics, forcing temporary shutdowns that hit Ecopetrol, which supplies roughly 70% of Colombia’s oil output. Government security posture and intermittent peace negotiations shape operating continuity and raise security-related costs. Coordinated protection of energy corridors is essential to avoid production curtailments, and elevated risk premiums are required in hotspot areas. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFuel pricing and subsidies\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eAdministrative controls on domestic fuel prices compress Ecopetrol’s refining margins and constrain cash generation, with policy shifts in 2024–2025 amplifying margin volatility. Gradual removal or reintroduction of subsidies carries macro and social implications, affecting inflation and household real incomes. Clear, transparent compensation mechanisms for regulated prices reduce earnings volatility and improve investor visibility.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003ePolicy impact on margins\u003c\/li\u003e\n\u003cli\u003eSubsidy trade-offs: inflation vs profitability\u003c\/li\u003e\n\u003cli\u003eNeed for transparent compensation\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegional and international relations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eRegional bilateral energy ties shape Ecopetrol’s export routes and gas interconnections, with the company remaining Colombia’s largest oil producer and dominant exporter.\u003c\/p\u003e\n\u003cp\u003eGlobal geopolitics and OPEC+ supply decisions feed into price assumptions (Brent ~84 USD\/bbl average in 2024) and influence hedging and fiscal planning.\u003c\/p\u003e\n\u003cp\u003eTrade and investment agreements (Colombia–US FTA in force) and Colombia’s net-zero by 2050 pledge steer access to technology, capital, and transition pathways.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eExports: dominant national exporter\u003c\/li\u003e\n\u003cli\u003ePrice: Brent ~84 USD\/bbl (2024 avg)\u003c\/li\u003e\n\u003cli\u003ePolicy: Colombia net-zero 2050; US FTA in force\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eColombia's state oil firm \u003cstrong\u003e88.5%\u003c\/strong\u003e state-owned; royalties \u003cstrong\u003e8-25%\u003c\/strong\u003e\n\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eEcopetrol’s ~88.5% state ownership ties capital allocation to fiscal\/dividend targets and Colombia’s 2050 net‑zero pledge, shaping transition timelines. Fiscal terms (royalties 8–25%) and 2024 average production ~700 kbpd make licensing or royalty changes material to cash flow. Security incidents that hit ~70% of national output cause recurring shutdowns and raise operating costs; Brent averaged ~84 USD\/bbl in 2024, affecting revenues.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eState stake\u003c\/td\u003e\n\u003ctd\u003e88.5%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2024 prod.\u003c\/td\u003e\n\u003ctd\u003e~700 kbpd\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDomestic supply share\u003c\/td\u003e\n\u003ctd\u003e~70%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBrent (2024 avg)\u003c\/td\u003e\n\u003ctd\u003e~84 USD\/bbl\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRoyalties\u003c\/td\u003e\n\u003ctd\u003e8–25%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eProvides a concise PESTLE analysis of Ecopetrol, examining Political, Economic, Social, Technological, Environmental, and Legal factors with data-backed trends and region-specific regulatory context. Designed for executives and investors, it highlights risks, opportunities, and forward-looking insights to inform strategy, scenario planning, and funding decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise, visually segmented PESTLE summary for Ecopetrol that’s easy to drop into presentations or share across teams, enabling quick alignment on external risks, regulatory shifts, and market positioning while allowing space for team-specific notes.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOil price and refining margin volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eEarnings remain highly sensitive to Brent spreads and crack margins—Brent averaged about 86 USD\/bbl in 2024, driving wide swings in upstream cash flow and refining crack volatility through 2024–2025. Diversification across upstream, midstream, refining and power transmission provides buffers by smoothing segment-specific cycles. Active hedging programs and flexible crude slates have stabilized cash flow, while capex pacing is being adjusted to macro scenarios and oil price paths.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCOP exchange rate and inflation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eEcopetrol’s largely dollarized revenue vs partly peso costs means COP moves (USD\/COP ~4,200 in mid‑2025) create strong FX leverage that can lift local margins on depreciation while increasing unhedged USD debt servicing. Domestic CPI ran near 11% YoY in mid‑2025, pressuring wages, opex and project costs. Prudent FX and interest‑rate risk management is therefore critical to preserve returns.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eColombian growth and demand\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eNational GDP trends drive fuel demand: Colombia grew 1.4% in 2023 (DANE) with IMF projecting about 2.0% in 2024, supporting higher freight activity and industrial gas usage. Infrastructure investments (public works budget near 40 trillion COP in 2024) boost diesel and asphalt consumption. Economic slowdowns compress volumes and retail margins, but Ecopetrol uses pricing elasticity and product mix shifts to mitigate cyclical dips.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCapital structure and investment capacity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eEcopetrol allocates free cash flow to exploration, refining upgrades and low-carbon projects, while balance-sheet discipline after major acquisitions has helped stabilize credit metrics and contain its cost of capital.\u003c\/p\u003e\n\u003cp\u003eAccess to green and sustainability-linked financing can lower WACC and portfolio high-grading boosts ROCE under tighter capital markets, supporting capital structure resilience.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFree cash flow: funds exploration, refining, low-carbon\u003c\/li\u003e\n\u003cli\u003eBalance-sheet discipline: preserves credit ratings, lowers cost of capital\u003c\/li\u003e\n\u003cli\u003eGreen financing: potential WACC reduction\u003c\/li\u003e\n\u003cli\u003ePortfolio high-grading: improves ROCE amid tight capital\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExport balance and trade flows\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eColombia exported about 0.5 million bpd of crude in 2024, making oil a linchpin of the current account and delivering roughly $18 billion in Ecopetrol USD inflows; refinery utilization near 80% cut refined-product imports and supported local supply. Logistics bottlenecks trim netbacks by an estimated $3–5\/bbl to core markets, while shifting global demand—Asia rising to ~45% of destinations—reshapes pricing and destination mix.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCrude exports ~0.5 million bpd (2024)\u003c\/li\u003e\n\u003cli\u003eEcopetrol FX inflows ≈ $18B (2024)\u003c\/li\u003e\n\u003cli\u003eRefinery utilization ~80% → lower refined imports\u003c\/li\u003e\n\u003cli\u003eLogistics drag −$3–5\/bbl netbacks\u003c\/li\u003e\n\u003cli\u003eAsia ~45% of export destinations\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eColombia's state oil firm \u003cstrong\u003e88.5%\u003c\/strong\u003e state-owned; royalties \u003cstrong\u003e8-25%\u003c\/strong\u003e\n\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eEarnings hinge on Brent and crack margins (Brent ~86 USD\/bbl in 2024) while diversification and hedging smooth volatility; FX (USD\/COP ~4,200 mid‑2025) and CPI (~11% YoY mid‑2025) drive local cost pressure and debt servicing risk. Domestic GDP (~2% 2024 forecast) and public capex raise fuel demand; logistics drag (~−3–5 USD\/bbl) and 80% refinery utilisation shape netbacks and import needs.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eBrent (2024)\u003c\/td\u003e\n\u003ctd\u003e~86 USD\/bbl\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUSD\/COP (mid‑2025)\u003c\/td\u003e\n\u003ctd\u003e~4,200\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCrude exports (2024)\u003c\/td\u003e\n\u003ctd\u003e~0.5 mbpd\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEcopetrol FX inflows (2024)\u003c\/td\u003e\n\u003ctd\u003e~$18B\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRefinery utilisation\u003c\/td\u003e\n\u003ctd\u003e~80%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLogistics drag\u003c\/td\u003e\n\u003ctd\u003e−3–5 USD\/bbl\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDomestic CPI (mid‑2025)\u003c\/td\u003e\n\u003ctd\u003e~11% YoY\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eSame Document Delivered\u003c\/span\u003e\u003cbr\u003eEcopetrol PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact Ecopetrol PESTLE document you’ll receive after purchase—fully formatted and ready to use. The file contains the complete political, economic, social, technological, legal and environmental analysis as displayed, with no placeholders or edits pending. After checkout you’ll instantly download this same professionally structured report.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"PortersFiveForce","offers":[{"title":"Default Title","offer_id":56162632630649,"sku":"ecopetrol-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0914\/5276\/8633\/files\/ecopetrol-pestle-analysis.png?v=1762704993","url":"https:\/\/portersfiveforce.com\/products\/ecopetrol-pestle-analysis","provider":"Porter's Five Forces","version":"1.0","type":"link"}