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Monday 27 October 2008, San José, Costa
Rica
Ecuador Supports OPEC
Oil Reduction
QUITO - Ecuadorian
President Rafael Correa
supported the decision
made by the Organization
of Petroleum Exporting
Countries (OPEC) to
reduce the oil quota in
1.5 million barrels a
day.
Ecuador has to reduce
production in less than
two percent to increase
prices in a 20 percent,
said President Correa.
The Ecuadorian President
said that the measure
was taken during the
OPEC Extraordinary
Ministerial Summit held
after the drop in oil
prices to less than $70
a barrel.
Ecuadorian Minister of
Mines and Oil Derlis
Palacio said that the
reduction of 1.5 million
barrels a day was shared
according to the
production level of each
member nation and, thus,
Ecuador's quota dropped
from 520,000 to 493,000
barrels a day.
He also said that facing
the OPEC measure, the
nation will invest more
in the prospecting and
opening of new deposits.
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