In January 2020, Ecuador will leave the Organization of Petroleum Exporting Countries (OPEC). The Ecuadorian Ministry of Energy and Non-Renewable Natural Resources explained that this was due to internal challenges related to tax instability. In addition, Ecuador’s withdrawal from OPEC on January 1 is aimed at reducing government spending and increasing revenues.

At the same time, the Ecuadorian government promises to support all efforts aimed at stabilizing the world oil market and guarantee all countries equal access to energy, RIA Novosti reported.

Ecuador in August 2019 produced 537 thousand barrels per day. The country joined OPEC in 1973. At the same time, Ecuador was a member of OPEC with the smallest hydrocarbon production. Quito already suspended membership in OPEC in 1992, and then renewed it in 2007.

Ecuador is participating in the OPEC + deal to reduce oil production, which has been in effect since the beginning of 2017. According to it, the country committed to reduce production by 16 thousand barrels - up to 508 thousand barrels per day.

We wish OPEC success in continuing the important work that it has been carrying out since 1960 to the benefit of both producing countries and oil consumers, they said in Quito, leaving OPEC.