Ecuador Confirms Decision To
Rejoin OPEC
Wednesday, April 04, 2007
BRASILIA (AFP) - Ecuadoran President Rafael Correa confirmed here Wednesday that his country will return to the Organization of the Petroleum Exporting Countries, 15 years after quitting the oil cartel.
"The decision to return to OPEC has been taken and this will open up a lot of opportunities, among them access to credit in Middle East banks," Correa said in a news conference during an official visit to Brasilia.
OPEC president Mohammed al-Hamili said last month that Ecuador could return to the group it left in 1992 "at any time."
Ecuador's bid is backed by Venezuela, the only Latin American member of OPEC. Ecuador produces 530,000 barrels of oil per day -- its top export -- and is the fifth largest producer in South America.
Correa had announced that Ecuador would apply to rejoin OPEC after the leftist leader was elected in November.
However, the Andean nation faces a debt to OPEC of 5.3 billion dollars, which it left when it withdrew from the organization.
Wednesday, April 04, 2007
BRASILIA (AFP) - Ecuadoran President Rafael Correa confirmed here Wednesday that his country will return to the Organization of the Petroleum Exporting Countries, 15 years after quitting the oil cartel.
"The decision to return to OPEC has been taken and this will open up a lot of opportunities, among them access to credit in Middle East banks," Correa said in a news conference during an official visit to Brasilia.
OPEC president Mohammed al-Hamili said last month that Ecuador could return to the group it left in 1992 "at any time."
Ecuador's bid is backed by Venezuela, the only Latin American member of OPEC. Ecuador produces 530,000 barrels of oil per day -- its top export -- and is the fifth largest producer in South America.
Correa had announced that Ecuador would apply to rejoin OPEC after the leftist leader was elected in November.
However, the Andean nation faces a debt to OPEC of 5.3 billion dollars, which it left when it withdrew from the organization.
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