Ecuador will leave 14-nation group

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Ecuador will leave 14-nation group

Russia is major oil and natural gas producing country. There are many agreements between Russia and OPEC(The Organization of the Petroleum Exporting Countries). 

Ecuador
Ecuador is a South American Country which is rich in oil production. Its capital is Quito. Quito was also declared as the World Heritage Site by UNESCO(United Nations Educational Scientific and Cultural Organization) in 1970. Use US dollar as currency.

 Ecuador announced to leave OPEC in the year 2020 in search of bigger export. Ecuador will leave 14-nation group.

Ecuador was the first member to leave the OPEC member cartel and also first to rejoin it.


In 2018, Qatar announced that it will leave OPEC in the year 2019 and left OPEC by January,2019. OPEC has now 14 members.

Reasons

  • Ecuador produces 5,45,000 barrels per day(bpd) of crude, but it struggling with tight liquidity because of a wide fiscal deficit and hefty foreign debt (bad economic conditions).
  • It reached $4.2 billion deal with international monetary fund in February which allowed it to receive an immediate disbursement of $652 million and opened the door for an additional $6billion in loans.
  • OPEC, Russia and other producers countries have implemented a deal to cut output by 1.2million bpd.
Equador is not doing for the first time but will show a negative impact on OPEC. Ecuador will leave 14-nation group next year.

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