Ecuador, Venezuela to Call on OPEC to Comply With Output Ceiling

18 Nov 2014   Ecuador, OPEC, Venezuela

Ecuador and Venezuela plan to call on the Organization of the Petroleum Exporting Countries to comply with its production ceiling of 30 million barrels of oil a day as a measure to cut overproduction and support oil prices, a high-ranking Ecuadorean government official said.  “The fall in oil prices affects everyone, producers and consumers,” Pedro Merizalde, Ecuador’s minister of nonrenewable natural resources, said Monday in an interview. “An option to recover the price is to cut overproduction.”  Ecuador and Venezuela will submit the proposal during OPEC’s meeting on Nov. 27.  Ecuadorean President Rafael Correa said recently that Ecuador and Venezuela should have a common position and proposal for protecting prices at the next OPEC meeting.

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