In a communique released after its meeting in Vienna, OPEC officially acknowledged that Ecuador had left the oil producers’ organization effective January 1, 2020.
Sources had told S&P Global Platts that OPEC was pushing Ecuador to reconsider its withdrawal from the group.
There were also reports that Ecuador was wavering on its OPEC exit but sources said they were not expecting the oil producer to reverse course so soon.
Ecuador surprised OPEC in October by announcing its withdrawal effective the end of last year, citing its need for higher revenue that had been crimped by the group’s oil cuts.
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