Protests in Ecuador against foreign oil companies

The Financial Times reports that the president of Ecuador, Alfredo Palacio, under pressure from "violent protests" in the Amazon and dropping popularity, said the government will negotiate with the foreign oil companies invested in Ecuador to ensure it receives a greater cut of the profit from the country's oil. He indicated that the government will seek to obtain at least 50 percent of revenues instead of only the 20 percent it currently earns.

Referring to the protests, the article comments that "Foreign investors such as Petrobras of Brazil, Occidental of the US and EnCana of Canada were the target of much of the discontent."

The article also notes that Ecuador is the second largest supplier of oil to the U.S.