Ecuador to Quit OPEC in 2020 in Search of Bigger Export Revenue
Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries, said on Tuesday it will leave the 14-nation bloc from Jan. 1 due to fiscal problems, Reuters reports
The Andean nation is attempting to increase crude production to raise more income and has on multiple occasions broken its output quota fixed by OPEC.
"The decision is based on the issues and internal challenges that the country must take on related to fiscal sustainability," the energy ministry said in a statement, without providing further details.
"This measure is in line with the national government’s plan to reduce public spending and generate new income," it added.
Ecuador produces about 545,000 barrels per day (bpd) of crude, but is struggling with tight liquidity because of a wide fiscal deficit and hefty foreign debt.
Other materials on this subject
- Russia, Iran are negotiating creation of common steblecoin on gold The Iranian government intends to secure this token with gold, that is, it will be a kind of steblecoin. The token is expected to work in a special economic zone in Astrakhan, which will receive cargo...
- G7 coalition has agreed to set fixed price for Russian oil The initial price itself has not been set, but should be in coming weeks, multiple sources said. Coalition partners agreed to regularly review the fixed price and revise it as needed, the source said,...
- Details of 8th package of EU sanctions against Russia became known Thus, Brussels will establish a legal basis for determining the price ceiling for Russian oil for its transportation by sea from December and oil products - from February 2023.
- White House Accuses Opec+ of Aligning with Russia The Opec+ group said it would reduce production targets by 2mn barrels a day, equivalent to 2 per cent of global supply, following its first in-person meeting in two years in Vienna. The actual cut in...
- UNCTAD Warns of Policy-Induced Global Recession According to the report, rapid interest rate increases and fiscal tightening in advanced economies combined with the cascading crises resulting from the COVID pandemic and the war in Ukraine have already...
Read also
-
OPEC Sees Steeper Oil Demand Drop as Virus Remains Challenging
-
OPEC and its Allies Led by Russia to Hold a Meeting on June 6
-
OPEC Sees no Risks of Oil Shortages Amid Tense Situation in Middle East
-
OPEC Hopes Russia will be Able to Resolve Differences Between Iran, Saudi Arabia
-
OPEC Will not Prolong the Agreement of Oil Extraction
-
The Fate of Oil Prices Depends on the Principles of OPEC and OPEC Member State Iran
-
Russia-West Cooperation on the Stabilization of Oil Prices is Temporary
-
Russia and OPEC Discuss Oil Prices
-
17:08The regular session of the Anti-corruption Policy Council takes place in Jermuk
-
15:05The Prime Minister sends congratulatory messages to the supreme leader of Iran and the President of Iran
-
11:11Armenia sends earthquake aid to Turkey
-
10:43Commemoration of the Pontiff St. Sahak Partev
-
09:16Some roads are closed and difficult to pass in Armenia
-
19:55Phone conversation of the Foreign Minister of Armenia with the U.S. Assistant Secretary of State for European and Eurasian Affairs
-
18:30Prime Minister Pashinyan and President Khachaturyan meet
-
18:20Ararat Mirzoyan with Co-Chairman of the OSCE Minsk Group of France Brice Roquefeuil
-
17:01Humans could land on Mars within 10 years, Musk predicts
-
16:45France, US urge 'immediate' end to Nagorno Karabakh blockade
-
16:01Blockaded Nagorno Karabakh launches fundraiser to support quake-hit Syria
-
15:59Earthquake death toll in Turkey rises to 18,342
-
15:43Ararat Mirzoyan Held a Telephone Conversation with Sergey Lavrov
-
15:06French president rules out fighter jet supplies to Ukraine in near future
-
14:475 Day Weather Forecast in Armenia
-
14:44President Vahagn Khachaturyan wrote a note in the book of condolences opened in the Embassy of Syria in Armenia
-
14:20Azerbaijan’s provocations impede establishment of peace and stability – Armenian FM tells Russian Co-Chair of OSCE MG
-
12:57France representation to OSCE: Paris calls on Azerbaijan to restore freedom of movement through Lachin corridor
-
11:40Command of Kosovo forces highly appreciated preparation of Armenian peacekeepers
-
10:16The United States withdrew from sanctions against Syria for six months the provision of assistance after the earthquake
Most read
day
week
month
Weather
Yerevan
Humidity: %
Wind: km/h
0 C°
0° 0°
22.12.2024
0° 0°
23.12.2024
Poll