Ecuador was considering rejoining the Organization of Petroleum Exporting Countries (OPEC) after leaving the group 14 years ago, Ecuadorian Energy Minister Ivan Rodriguez said on Wednesday.

"Being in OPEC opens up a whole range of opportunities for us, but there is no final decision yet," Rodriguez said, adding that "there is no doubt that Ecuador could return to the organization."

OPEC plays a vital role in the international market, with prices at around 70 U.S. dollars a barrel, he said.

Because it disagreed with a low quota assigned to it, Ecuador quit OPEC in 1992 after it had been a member for 20 years.

The organization will hold its 141st ministerial conference on Thursday in Caracas, Venezuela, whose President Hugo Chavez has expressed his support for Ecuador's renewed membership.

The 11-member OPEC, founded in 1960 and pumping about 40 percent of the world crude oil, currently has an output quota of 28 million bpd, almost at its full production capacity due to record-high oil prices.

Source: Xinhua