Ecuador is considering withdrawing from OPEC
28/10/2017 12:00 am
[rtl]Quito / Reuters
Ecuador's oil minister said his country would ask for a two-year OPEC withdrawal if the Organization does not agree to a request to exclude it from the quota system.
Ecuador, in South America, has a huge budget deficit and funding needs because of falling oil prices and a devastating earthquake last year.
Carlos Perez said his country plans to present its request to exclude production restrictions at the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) in November.
"The demand for OPEC will be to avoid compliance with the cuts and we will submit the request next month."
He explained that the second alternative to his country is to request a two-year withdrawal from OPEC, "adding," but we hope that the first option is acceptable. "
Opec and non-OPEC members agreed to cut crude production by 1.8 million bpd by the end of March 2018 in a bid to remove a supply gap that would curb prices.
OPEC Secretary-General Mohamed Sanusi Barkindo said earlier this month that oil producers were working to build consensus to extend that agreement.
Ecuador plans to increase crude output by 50,000 barrels per day (bpd) by 2018, while its daily output of oil is currently 530,000 barrels.[/rtl]