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Ecuador – Russia Dispute over Production Cut Agreement
Ecuador will submit an official request to withdraw from OPEC for two years if the organisation does not approve its request to be exempt from production quotas on the group’s next meeting on 30 November, Reuters reports. Russian energy minister Alexander Novak has stated his belief that Ecuador must remain committed to the agreement if the goal of decreasing oil stocks and rebalancing the oil market is to be reached, however according to Ecuador’s oil minister, the country is solely a marginal producer and its actions will have small effect on the global picture.
Ecuador produced 534K b/d from January to September, about 2.5% above its OPEC target, and aims to increase productivity further by nearly 5% amidst significant financing needs which have urged the country to resort to international markets, tax reforms and severe austerity measures.