In 2018, a judge ruled in favor of the A'i Cofan community and ordered the reversal of some 20 mining concessions granted to private companies along the Aguarico River.

West Texas Intermediate crude advanced as much as 4.1% to beyond $90 a barrel, before paring some gains.

Colombia currently only requires environmental permissions for projects in the exploitation and production phases.

Cries of supply shortages continue to come from all corners.

Musk made his comments as Europe is grappling with its worst energy crisis in decades.

“Our economists view the risk of a recession outside Europe in the next 12 months as relatively low,” bank analysts said.