Ecuador recorded a lower crude production by 14,000 barrels a day until March

Ecuador was expected to lower its oil output by 26,000 barrels a day (bpd) as part of an agreement with the Organization of Petroleum Exporting Countries (OPEC). Until March 2017 the country managed to reduce it by 14 000 bpd.

With the aim at stabilizing international oil prices, the OPEC agreed in November of 2016 to reduce the oil production of its 13 members by 4.45%, ie 1.2 million barrels per day, during the first half of 2017.

Ecuador, the smallest member of the group, was expected to reduce its oil pumping to 522,000 bpd. According to figures from the oil sector published by the Central Bank of Ecuador (BCE for its Spanish acronym), the average daily production between January and March 2017 was 534,000 bpd.

According to the OPEC, member countries have even lowered their production beyond the quotas established until February. After the agreement prices rose to surpass USD52 but did not surpass the levels of 2014.

Source: http://www.elcomercio.com/actualidad/ecuador-produccion-crudo-opep-economia.html