Ecuador seeking return to OPEC

The Ecuadorian government announced Thursday that it is seeking to rejoin the Organization of Petroleum Exporting Countries (OPEC).

Interior Minister Gustavo Larrea said the separation from OPEC 15 years ago has cost the country hundreds of millions of U.S. dollars.

Since then Ecuador has been unable to receive technological assistance and favorable soft loans provided by OPEC due to its exit from the organization, he said.

Ecuador joined OPEC in 1972 but left 20 years later, mainly due to not agreeing with the oil cartel's quota requirement.

Despite Ecuador not being able to compete with other major oil giants in output, as the fifth largest crude producer in South America it should rejoin OPEC, which protects the interests of its member nations, he said, adding that regaining access to OPEC is also on the agenda of President Rafael Correa.

The oil income remains a critical part of the country's economy, accounting for 69 percent of its exports. From January to November daily oil output stood at 539,000 barrels, and crude exports exceeded 6.4 billion dollars.

Source: Xinhua