Ecuador supports the holding of an extraordinary meeting of OPEC

Ecuador supports the holding of an extraordinary meeting of OPEC


An extraordinary meeting of OPEC is scheduled in February to discuss a strategy to support declining oil prices. Deputy oil Minister of Ecuador, Carlos Pareja said that the authorities support this initiative.

MOSCOW, 27 Jan. Ecuador supports the holding of an extraordinary meeting of OPEC, said the Deputy oil Minister Carlos Pareja country (Carlos Pareja).

“We support (conduct — ed.) a new meeting to see if we take a joint decision; it should be the decision of all”, — the Minister said to Reuters.

Earlier in January, oil Minister of Venezuela, Eulogio del Pino said that he had asked for assistance in holding of an extraordinary Ministerial meeting of OPEC to Ecuador and Algeria, and also outside the cartel of oil producers of Russia. Caracas has previously proposed to hold an extraordinary OPEC meeting in February and discuss a strategy to support declining oil prices.

In addition, the President of Venezuela, Nicolas Maduro, earlier on Wednesday said it has ordered del Pino “to immediately start a tour of OPEC and non-OPEC countries” in an attempt to gain support for joint action to halt the fall in oil prices.

In addition, on Thursday the President of OPEC, Minister of petroleum resources of Nigeria Emmanuel IBE Cacique said at the world economic forum in Davos that OPEC has not yet made a decision about an emergency meeting, probably in March, but the majority of the countries members of the cartel tend to need it.

The next regular meeting of the cartel is scheduled for June 2, 2016.