Much of Russia’s trade and investment with Ecuador is agriculture based – the country is the primary supplier of bananas to Russia.

The Ecuadorian Ministry of Energy and Mines has announced a US$42bn investment plan to boost oil production, natural gas and the country's energy infrastructure over the 2025-2029 period.

The Santiago project would comprise eight power generation units, with 304.10 MW Francis-type turbines and would require US$3bn of private investments for a total budget of US$6.7bn.

The country produced 530,000 b/d of oil in August, down from 540,000 b/d in July. Ecuador's output quota was set at 508,000 b/d under a 1.2 million b/d supply cut agreement, which went into force January 1 and runs through March 2020. Ecuador reported August production of 550,000 to OPEC.

"We have held conversations on strengthening our position in oil markets," Iran's Foreign Minister Mohammad Javad Zarif said through an interpreter after a meeting with Ecuador's President Rafael Correa. Zarif added that the two countries have agreed to continue talks within the framework of OPEC, without providing further details. Ecuador Foreign Minister Guillaume Long said they discussed establishing a common position with regards to strengthening oil prices.

Eni reports second major oil find in as many days

Ecuador to Sign Oil-Refinery Financing Deal With China

Ecuador March Crude-Oil Export Revenues Rise 15% on Month