Posted On 02 Dec 2016
Ecuador receives the agreement of the Organization of the Exporters of Petroleum (OPEC) to reduce the world oil production from two entirely opposing points of view. The country is the third smallest member of the cartel regarding extraction and also the second that fewer barrels will have to cut in number (26,000); But, at the same time, it is the one who must assume the greatest sacrifice.
There is no other member of the OPEC that has to give up as much of its production as Ecuador. Its reduction rate is 4.74% of the total of barrels extracted (with October as a reference). While that of the giants of extraction and export such as Saudi Arabia, Iraq or the United Arab Emirates is 4.60% or 4.61%.
It is true that in a number of barrels, the cut of them is 5 to 18 times greater than that of Ecuador, but the prism changes if measured in proportion to the money each of their wells produce.
That, without considering that Iran, which is the third largest partner, will increase its output after the end of the US sanctions.