BOGOTA (Reuters) – Ecuador will withdraw from the 14-nation Organization of the Petroleum Exporting Countries (OPEC) from January 1, 2020 because of fiscal problems, the country’s energy ministry said on Tuesday.
The Andean nation is attempting to increase its production of crude oil in a bid to raise more income and has on multiple occasions not compiled with the output quota fixed by OPEC.
The country will continue to support efforts to stabilize the world oil market, the ministry said in a statement.
Ecuador rejoined the organization in 2007, after withdrawing in 1992.
(Reporting by Alexandra Valencia; Writing by Julia Symmes Cobb; Editing by Chizu Nomiyama)