Ecuador leaving OPEC

Ecuador leaves the OPEC to avoid production cuts

Ecuador Leaves The OPEC To Avoid Production Cuts

The decision was announced last October and came into effect in the new year. The Government of Lenín Moreno decided to leave the cartel, led by Saudi Arabia, to escape the procuction cuts, with which the organization intends to boost oil prices. Oil is the second largest source of income for Ecuador’s coffers.