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Ecuador to Quit OPEC in 2020 in Search of Bigger Export Revenue

  •  World

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.

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