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.
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