The Organization of Petroleum Exporting Countries (OPEC) invited Ecuador to rejoin the group, to which it ceased to belong on January 1, 2020, informed yesterday, Monday, the Ministry of Energy and Mines of the South American country.
The Ministry said in a statement that the invitation was made by the Secretary General of the Organization, Haitham Al Ghais, through a letter sent on May 12 to the Ecuadorian Minister of Energy and Mines, Fernando Santos.
“The letter urges the President of the Republic, Guillermo Lasso, and Minister Fernando Santos to analyze the proposal for the country’s reinstatement presented by OPEC,” the Ministry said.
It added that, in the said proposal, OPEC considers that “Ecuador is an important oil producer and exporter” and that “it would greatly benefit from the information and knowledge that OPEC shares with its member countries”.
The international organization also stated that the possible integration of Ecuador into OPEC would represent a valuable opportunity to generate and strengthen diplomatic ties with oil-producing countries to outline a strategy to consolidate future investments.
Ecuador joined OPEC in 1973 but suspended its membership in 1992, and subsequently, in 2007, the South American country returned to active participation in the group.
However, as of January 1, 2020, the country ceased to be part of the organization due to the political, economic, and social situation the country was going through at that time.
According to the public company Petroecuador, the Andean nation, which has oil as its main export product, produces around 500,000 barrels of crude oil per day.
Based in Vienna, Austria, OPEC comprises 13 countries that collectively supply around 41.9 percent of the world’s oil production.
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