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OPEC: Ecuador announces withdrawal

The Ecuadorian Ministry of Energy and Non-renewable Natural Resources announced that Quito intends to leave the Organization of the Petroleum Exporting Countries (OPEC) next January due to financial difficulties facing the country.

“This decision is linked to internal issues and challenges that the country must address in relation to fiscal sustainability,” the ministry adds, noting that “this measure is in line with the government’s plan to reduce public spending. and to generate new income”.

As a reminder, Ecuador, the smallest member of OPEC with a daily production of about 531,000 barrels of crude oil, is facing financial difficulties that have led the government of President Lenin Moreno, in power since May 2017, to resort more to external indebtedness.

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