Ecuador Leaves OPEC
Ecuador intends to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) in January next year because of the financial difficulties it faces, AFP reported.
"This measure is in line with the national government plan to reduce public spending and generate new income," the ministry of Energy and Non-Renewable Natural Resources said in a statement.
Ecuador has been a member of OPEC since 1973. In 1992, the country ceased membership and resumed in 2007. Ecuador's oil reserves are estimated at 8.3 billion barrels. Ecuador produces around 530,000 barrels of crude daily.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
- » Feature-Rich Bitcoin Mining Software Programs
- » Bulgarian Tourism Reports the Most Difficult Summer Season and Losses of Nearly 80%
- » France: Eiffel Tower Evacuated 'Over Bomb Threat'
- » WHO: Tobacco Responsible for 20% of Deaths from Coronary Heart Disease
- » Ryanair Reduces Its Flights by Additional 20 Percent in October
- » Protests in Bulgaria, Day 73: No Tension, "Great People's Uprising" Scheduled for September 22