OPEC agrees not to cut oil production

The 12 member countries of the OPEC (Organization of the Petroleum Exporting Countries), from which Ecuador is part of, met in Vienna. After the appointment they indicated they would not propose a cutdown in production, so that the probability of a joint action of the group is reduced to underpin oil prices.

“The GCC reached a consensus,” said Oil Minister of Saudi Arabia, Ali al-Naimi. While hours earlier, Ali al-Naimi dismissed concerns about the low price, since the market, he said, “will balance themselves.”

A delegate from the Persian Gulf of the OPEC told Reuters that the GCC had reached an agreement to not cutdown production.

The Minister of Economic Policy, Patricio Rivera, said yesterday on Radio Vision that if the OPEC did not reach a consensus to lower production in order to raise the price, among the measures of Ecuador would be evaluating the investment between the most important and the least important.

The Minister explained that a falling of a dollar per barrel in a year would mean for the country not receiving from $ 70 million to $ 75 million, if the price was set $ 10 per barrel there would be between $ 700 million and $ 750 million less in the budget.