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BREAKING NEWS
Cristian Espinosa was appointed Ambassador of Ecuador to the United States
Daniel Noboa receives the credentials of the new United States ambassador
40,000 women will receive scholarships in higher education
Julian Assange released from prison, after agreement with the United States
Armed Forces: Criminal gangs have lost USD 1.2 billion due to military operations in Ecuador
Minister of Defense: “It is not fair that some risk their lives, while others play with justice”
How can green banana flour enhance baked goods?
“I’m crazy for wanting to serve my country,” says Daniel Noboa at the presentation of “La Cárcel del Encuentro” in Santa Elena
Construction of the Encuentro maximum-security prison in Santa Elena begins
National blackout in Ecuador due to transmission line failure, confirms the Government

The OPEC will meet this week

Posted On 24 Nov 2014

opep

The Organization of Petroleum Exporting Countries (OPEC) will held this week in Vienna the second regular session of 2014, after the biggest drop in prices since 2008.

The group comprised by 12 producing countries, being Ecuador part of it, faces from the middle of 2014 an almost uninterrupted decline of the oil barrel as a result of the increasing Oil Shale extraction in the US and by the global economic slowdown.

A barrel of West Texas Intermediate (WTI) crude kind, from which the Ecuadorian crude takes reference, closed this Friday at USD 76.51 per barrel when in the past three years it had not fallen from USD 95.

This situation has affected the sale of Ecuadorian oil. According to the National Information System, the crude oil was estimated at November 18, in USD 64,41. Last week the Assembly adopted the General State Budget, whose funding detailed with an estimated price of USD 79,9 per oil barrel.

The Manager of International Trade of Petroecuador, Nielsen Arias, said in the Assembly that the OPEC meeting would be key to Ecuador, since oil respresents 11% of government revenues without considering the import of derivatives such as gas and gasoline which are subsidized. With them, this percentage exceeds the 20%.

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