Ecuador to withdraw from OPEC; group to maintain present flow

Journal Article · Mon Sep 28 00:00:00 EDT 1992 · Oil and Gas Journal; (United States)

OSTI ID:6938577

This paper reports that the Organization of Petroleum Exporting Countries, which has agreed to maintain its present combined production of 24.2 million b/d of oil in the fourth quarter, will soon see the first pullout of a member. The 13 member group will shrink to 12, probably in November, when Ecuador withdraws. Ecuador President Sixto Duran Ballen issued notice of the pullout Sept. 17, a little more than 1 month after he took office. Ecuador, strapped for cash, wants to save OPEC membership dues reported to be $2-3 million/year. It plans to remain an associate member, although it wasn't immediately clear what that means. No other countries are regarded as associate members.

• OSTI ID: 6938577
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 90:39; ISSN 0030-1388; ISSN OIGJAV
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
COOPERATION
DEVELOPING COUNTRIES
ECUADOR
ENERGY SOURCES
EXPORTS
FORECASTING
FOSSIL FUELS
FUELS
GOVERNMENT POLICIES
INDUSTRY
INTERNATIONAL COOPERATION
INTERNATIONAL ORGANIZATIONS
LATIN AMERICA
OIL-EXPORTING COUNTRIES
OPEC
PETROLEUM
PETROLEUM INDUSTRY
SOUTH AMERICA
TRADE