Ecuador: OPEC membership reinstated

This past week Ecuador was invited to rejoin the Organization of the Petroleum Exporting Countries (OPEC)  after a 13 year absence from the organization; Ecuador had been a member for thirty years from 1963–1993. Ecuador's membership should be officially approved during the upcoming OPEC summit in Riyadh, Saudi Arabia this November 17 - 18. Even though Ecuador never left the organization it ceased making membership payments in 1992, but decided to reactivate its membership while negotiating contracts with private oil companies after a recent change in the nation's law gives the country a greater share of oil profits due to the rise in worldwide oil prices. According to Presna Latina earlier this year approval by Ecaudorian president, Rafael Correa, is all that is needed for reintegration. A three-year payment plan for unpaid dues amounting to almost six million U.S. dollars has also been agreed upon with OPEC member nations.

Comments

Add comment

Our Policy on Comment Submissions: Co-publishers of Narco News (which includes The Narcosphere and The Field) may post comments without moderation. A ll co-publishers comment under their real name, have contributed resources or volunteer labor to this project, have filled out this application and agreed to some simple guidelines about commenting.

Narco News has recently opened its comments section for submissions to moderated comments (that’s this box, here) by everybody else. More than 95 percent of all submitted comments are typically approved, because they are on-topic, coherent, don’t spread false claims or rumors, don’t gratuitously insult other commenters, and don’t engage in commerce, spam or otherwise hijack the thread. Narco News reserves the right to reject any comment for any reason, so, especially if you choose to comment anonymously, the burden is on you to make your comment interesting and relev ant. That said, as you can see, hundreds of comments are approved each week here. Good luck in your comment submission!

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.

More information about formatting options

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

User login

Navigation

Reporters' Notebooks

About Christopher Fee