RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2019-10-02 11:35:00

ECUADOR LEAVES OPEC

ECUADOR LEAVES OPEC

PLATTS - Ecuador will leave OPEC on January 1, the country's Ministry of Energy and Non-Renewable Resources said Tuesday.

"The decision lies in the internal issues and challenges that the country must assume, related to fiscal sustainability," the ministry said in a statement. "This measure is aligned with the National Government's plan to reduce public spending and generate new income."

Ecuador joined OPEC in 1973, but was not a member from 1992 to 2007.

"The country has always been a constructive member of the Organization and will maintain the ties formed with OPEC countries," the energy ministry said Tuesday. "The national government will continue to support all efforts that seek to stabilize the world oil market and the actions implemented by agencies and related countries to ensure equitable access to energy. We wish OPEC success in the continuation of the important work that has been carried out since 1960 for the benefit of producing countries, such as oil-consuming countries."

The country produced 530,000 b/d of oil in August, down from 540,000 b/d in July, according to the latest S&P Global Platts OPEC survey. 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.

The announcement of Ecuador's departure caught several OPEC delegates off guard Tuesday.

There had been rumblings that Ecuador was reconsidering its membership, but delegates said Tuesday's announcement caught them by complete surprise.

Ecuador's announcement followed a September 12 pledge by Saudi Arabia's new energy minister Prince Abdulaziz bin Salman and Russian energy minister Alexander Novak to seek greater participation from all members of the current 1.2 million b/d supply accord. Salman had been pressuring countries to improve compliance with the supply accord.

"Myself and my colleague, minister Novak, have awakened up to a new reality, which is that we are not being too inclusive," he said. "And we should also never ever belittle the little contribution from wherever it may come from any contributing country. Because it is all about the aggregation of these numbers."

Ecuador will follow Qatar, which left OPEC at the end of 2019, citing its status as a minor producer compared to giant Saudi Arabia. Qatar complained that the Saudis were increasingly dominating decision making with non-OPEC ally Russia.

----- 

Log in to read the publication.

An authorized user gets access to four FREE publications per month.

You can also buy a full access to all publications of the site since January 2014.


Earlier:

ECUADOR LEAVES OPEC
2019, September, 17, 13:05:00
OPEC+ FULFILL OBLIGATIONS
"Nobody has changed the parameters of the [OPEC+} deal. So, I think that we all agreed in Abu Dhabi, that everyone should fulfill their obligations," Novak said, when asked if Russia needs to continue to comply.
ECUADOR LEAVES OPEC
2019, September, 17, 13:00:00
CONFORMITY LEVEL 136%
Conformity with the voluntary production adjustments remains high, 136% in the month of August. However, the JMMC reemphasized the core principles underpinning the DoC, namely, equity, fairness and transparency, and urged all participating countries to intensify their efforts in pursuit of full and timely conformity with their voluntary production adjustments.
ECUADOR LEAVES OPEC
2019, September, 11, 11:40:00
OPEC OIL PRODUCTION UP 230 TBD
OPEC oil output averaged 29.71 million b/d in August, up 230,000 from July as production increases in Saudi Arabia, the UAE, Nigeria and Iraq offset declines in Venezuela and Libya,
ECUADOR LEAVES OPEC
2019, September, 3, 13:20:00
RUSSIA: FULL COMPLIANCE WITH OPEC +
Russia will fully comply with its obligations under the OPEC+ agreement in September
All Publications »
Tags: ECUADOR, OPEC
Chronicle:
ECUADOR LEAVES OPEC
2019, October, 21, 13:15:00
CHINA'S LNG INVESTMENT: 11.5 MT
China’s Yantai LNG Group is aiming to start up a liquefied natural gas (LNG) import terminal by 2022 and expects government approval for it over the next few weeks
ECUADOR LEAVES OPEC
2019, October, 21, 13:10:00
SAUDI'S INVESTMENT FOR BANGLADESH $3 BLN
Saudi Aramco and Saudi utilities developer Acwa Power have signed a memorandum of understanding (MoU) with the Bangladesh government to develop a $3bn liquefied natural gas (LNG) terminal and power plant in the South Asian country.
ECUADOR LEAVES OPEC
2019, October, 21, 13:05:00
PETROBRAS PRODUCTION UP 16.5%
Petrobras, which has been was completing the installation of seven new floating production units, produced 2.794 million b/d of oil equivalent in the third quarter from domestic fields. Oil and gas output was up 9.5% from the second quarter.
ECUADOR LEAVES OPEC
2019, October, 21, 13:00:00
U.S. RIGS DOWN 5 TO 851
U.S. Rig Count is down 5 rigs from last week to 851, Canada Rig Count is down 3 rigs from last week to 143,
ECUADOR LEAVES OPEC
2019, October, 18, 12:00:00
OIL PRICE: NEAR $60
Brent fell by 21 cents, 0.4%, to $59.70 a barrel , WTI edged down by 4 cents, or 0.1%, to $53.89 per barrel.
ECUADOR LEAVES OPEC
2019, October, 18, 11:45:00
RUSSIA'S GAS FOR HUNGARY +17%
Gazprom's supplies to the country over nine and a half months of 2019 totaled 8.9 billion cubic meters of gas, 17 per cent more than in the entire year of 2018.
ECUADOR LEAVES OPEC
2019, October, 18, 11:40:00
RUSSIA, UAE NUCLEAR POWER
Emirates Nuclear Energy Corporation (ENEC) has renewed its 2017 Memorandum of Understanding on cooperation in the field of peaceful uses of nuclear energy with Russian state nuclear corporation Rosatom. The document was signed by Mohamed Al Hammadi, CEO of ENEC, and Alexey Likhachov, Rosatom director general, in Abu Dhabi during Russian President Vladimir Putin's official visit to the United Arab Emirates.
All Publications »