Ecuador, one of the smallest members of the Organization of the Petroleum Export...
QUITO - Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries , said on Tuesday it will leave the 14-nation bloc from Jan. 1 due to fiscal problems.
“The decision is based on the issues and internal challenges that the country must take on related to fiscal sustainability,” the energy ministry said in a statement, without providing further details. It reached a $4.2 billion deal with the International Monetary Fund in February which allowed it to receive an immediate disbursement of $652 million and opened the door for an additional $6 billion in loans from other multilateral institutions.
Ecuador had in February asked OPEC for permission to produce above its quota, but the government never confirmed whether the organization responded to the request.
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