Ecuador sees no need for OPEC to cut output

Ecuador sees no need for OPEC to cut oil output during its next meeting on March 15, Oil Minister Derlis Palacios said on Wednesday.

Palacios said state oil company, Petroecuador, had cut the OPEC member’s production by 10,000 barrels per day to comply with the cartel’s decision to reduce world supply to lift oil prices. He said another 8,000 bpd in state production will follow.

The Organization of the Petroleum Exporting Countries has since September agreed to reduce output by 4.2 million bpd to try halt a slide that has knocked more than $100 off the oil price.

Reuters