Ecuador will not meet OPEC's agreement

Due to financial problems the Ecuador, OPEC member, will participate in the Pact no longer cuts and still want to increase your production of oil gradually this year. The information comes from the country's oil Minister, Carlos Pascual.

According to the Minister, the country's fiscal deficit will reach 7.5% of your GDP this year that had a reduction in earnings due to the global drop in the price of the barrel. Before you report that does not participate in more of the Pact, the Ecuador had fulfilled 60% of OPEC cuts, putting the current production to 545,000 barrels per day (bpd).

The South American country had agreed to contribute to a reduction of 26000 barrels per day in oil production, but your due to financial needs only managed to reduce 16000 bpd.

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