Ecuador announced on Tuesday (1) that it will leave the Organization of Petroleum Exporting Countries (OPEC) as of January 1, 2020. The country's Ministry of Energy and non-renewable natural resources claimed that the measure is related to "fiscal sustainability" and is based on the government's plan, which aims to reduce public spending and generate new revenues.
The communiqué reported that the country will maintain ties formed with the OPEC member countries, continue to support efforts to stabilize the global oil market and actions implemented by entities and countries to ensure "equitable access to energy ".
Ecuador joined OPEC in 1973. Nineteen years later, in 1992, he voluntarily suspended his association and renewed it again in 2007.
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