Ecuador to quit OPEC

Ecuador announced last week it will withdraw from OPEC in January, due to financial problems facing the South American country.

“The Ecuadoran government has decided to cease to belong to the Organisation of Petroleum Exporting Countries (OPEC) from January 1, 2020,” the ministry of Energy and Non-Renewable Natural Resources said in a statement.

Ecuador’s President Lenin Moreno declared a nationwide state of emergency on Thursday amid violent protests across the country over the end of fuel subsidies that have been in place for decades

Ecuador joined OPEC in 1973, withdrew in 1992, then rejoined in 2007.

More : Ecuador’s decision to withdraw from OPEC came as surprise to organization

Source / More : Media


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