Ecuadorian Oil Minister Derlis Palacios
Following last month's decision to cut back oil production, in which Ecuador was asked to curtail prodction by 27,000 barrels/day, Ecuador is stuck between a rock and a hard place. Ecuador is at the opposite end of the spectrum of an OPEC nation like Saudi Arabia. After the cut, Ecuador is producing 493,000 barrels/day. If prices do not rally, Ecuadorian oil minister Derlis Palacios has asked that Ecuador be exempt from any further production cuts. Ecuadorian oil production is marginal and pays for about 40% of the national budget. Any further cuts may seriously impact the nation's economy. However, Palacios did rule out leaving the cartel altogether over the matter.
See the article here. -V
See the article here. -V
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