Ecuador: The reunion with the countries out of the OPEP would be right

Ecuador sees as “right” a reunion between the OPEP and the countries that are out of the group because of the low price of the oil, but there is still no date for the meeting, said the minister of hydrocarbons, Carlos Pareja.

The smallest partner of the OPEP has supported the proposal of convene an emergency reunion, and has also insisted that a cutout in the production will be the most suitable exit for the affected oil market.

“It seems right to us that the reunion is (between countries) OPEP (and) no OPEP”, said Pareja. The official assures that a date to the possible emergency reunion has not been defined yet. “We´re all at it, but there is still no official agreement, the OPEP hasn´t pronounced yet”, he indicates.

The Ecuadorian economy has been strongly damaged because of the low price the oil is at, which has forced the Government to trim some of the investment programs and a higher indebtedness.

Ecuador produces around 540.000 oil barrels per day. Until November 2015, 6.316,3 million dollars haven´t entered to the country, because of the exports of oil due to the low price of the product.

Not only the countries that export oil are being affected, it also affects the enterprises.

Yesterday the oil company Royal Dutch Shell informed that its benefits went low in 2015, with an 87% in comparison with the last year, and these actions would result in the trim of 10.000 employees.

Shell indicated that their benefits last year were 1.939 million dollars, when their benefits in 2014 were 14.874 million dollars.