Ecuador to leave OPEC in 2020 due to fiscal problems – ministry

BOGOTA (Reuters) – Ecuador will withdraw from the 14-nation Organization of the Petroleum Exporting Countries (OPEC) from January 1, 2020 because of fiscal problems, the country’s energy ministry said on Tuesday.

The Andean nation is attempting to increase its production of in a bid to raise more income and has on multiple occasions not compiled with the output quota fixed by OPEC.

The country will continue to support efforts to stabilize the world oil market, the ministry said in a statement.

Ecuador rejoined the organization in 2007, after withdrawing in 1992.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

READ SOURCE