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Ecuador assumed the rotating presidency of the Board of Governors of the OPEC
Posted On 02 Mar 2018
Ecuadornews:
Ecuador today assumed the rotating presidency of the Board of Governors of the Organization of Petroleum Exporting Countries (OPEC), a function that will play during the next year and for which the Vice Minister of Hydrocarbons, Patricio Larrea, has traveled to Vienna.
The Board of Governors is formed by the representatives of each of the member countries of the organization and among its functions is to perform the administrative and financial monitoring of the institution.
“Also the preparation of the draft of the annual budget to put in consideration of the meeting of ministers, and to prepare the agenda for the meetings of ministers“, said to Efe the vice minister in conversation from Vienna.
Larrea, who is in that capital since the beginning of this week, has met these days with experts from OPEC in refining in order to know “the experience of member countries in terms of management and management of refineries and contracting systems that they have carried out. ”
He also had a meeting with experts in reservoir management and improved recovery to “understand which countries have conditions similar to those of Ecuador in terms of oil fields
In the political level, he had a meeting with the Secretary General of OPEC, the Nigerian Mohammed Barkindo, and today he participated in a meeting to learn about the new regulations of the European Union in which it was analyzed whether the organization is feasible or to not apply them, recommendations that will be transferred in May to the Board of Governors.
The Board meets a minimum of twice a year, although its president, in this case Ecuador, may propose other calls when deemed necessary due to the importance of the issues to be addressed. “The president of the Board is the one who directs the meetings, establishes the agendas of those meetings and is part of the commission that reviews budget execution and expenses, as well as participating in all the conventions and ministerial meetings of the organization,” he explained. Larrea on the role that the country will play this coming year.
With a production of about 500,000 barrels per day, Ecuador is the smallest member of OPEC, oil is its main export product and its sale finances more than 20% of the fiscal budget. (I)
