Ecuador may leave the Organization of Petroleum Exporting Countries (OPEC) before January 1, 2020, realnoevremya reports referring to a statement by the Ministry of Energy and Non-Renewable Natural Resources of the Latin American State.
The message of the department notes that the solution is associated with “internal problems and problems related to budget stability”.
Ecuador joined OPEC in 1973, but its membership was not permanent. The country was in the organization until 1992 and renewed its membership in the cartel in 2007.
Ecuador produces Oriente brand oil. The country's largest oil and gas company is the state-owned EP Petroecuador (established in 1989). Its assets include several oil fields, three oil refineries, about 150 gas stations and an oil pipeline crossing the country.
Ecuador is considered the fifth largest producer of “black gold” in Latin America and takes the 27th place in the BP ranking – in 2017, the volume of oil production in the country amounted to 548.421 thousand barrels per day or 0.7% of world production.
OPEC is an international organization of oil exporting countries, which was created to control the level of oil production, and has an impact on the level of oil prices in the world. OPEC includes 14 countries.
Earlier it was reported that Qatar intended to leave OPEC and would concentrate on gas production.