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Ecuador Drops Plan to Request Exemption from OPEC/non-OPEC Cuts

Oil

Ecuador’s Oil Minister said on Thursday that the country is no longer considering asking for an exemption from its oil production cut, as the OPEC-led supply curbs are succeeding in lifting crude prices, Reuters reports. Ecuador had previously expressed its desire to be exempted from the production cuts and increasing its production by nearly 5% amidst significant national financing needs. Moreover, the country’s Oil Minister had previously stated that if this request was not accepted, then he would ask for withdrawal from OPEC for two years. The country produced 534K b/d from January to September, about 2.5% above its OPEC target. OPEC will meet on 30 November, to decide whether to extend the cut agreement throughout 2018.