Ecuador drops plan to request exemption from OPEC cut -Oil min
Ecuador has temporarily aborted a plan to ask OPEC for an exemption from its oil production cut as measures adopted by the cartel are working successfully to lift crude prices, the country’s Oil minister said on Thursday.
“For now we are not going to submit the request. We’ll analyze along with OPEC’s members which alternatives they can offer. For sustaining prices, we have to support OPEC’s measures, which are so far succeeding,” minister Carlos Perez said in a press conference.
OPEC will meet on Nov. 30 to decide whether to extend the cut during 2018.
Source: Reuters (Reporting by Alexandra Valencia, writing by Marianna Parraga)