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Ecuador May Not Quit OPEC After All- Oil Price

Date: Dec 3, 2019

Ecuador may renege on its decision to quit its OPEC membership, according to anonymous sources cited by S&P Global Platts, which was supposed to take effect January 1, 2020.

Ecuador had announced its decision to quit the oil cartel in earlier October, at a time when the country declared a state of emergency as violent protests erupted over the end of fuel subsidies, but is now allegedly having second thoughts. Its membership cancelation would have saved Ecuador around $2 million dollars in the form of an OPEC membership fee. 

This $2 million was likely an unpopular fee with the IMF who loaned the struggling country more than $4 billion, and an unpopular fee with its citizens who were none too kind about being asked to forgo the generous fuel subsidies at the IMF’s prodding.

To read the full article on Oil Price, click here.