Ecuador to withdraw from OPEC in January

QUITO: Ecuador announced on Tuesday it will withdraw from OPEC in January due to financial problems facing the South American country.

“This measure is in line with the national government plan to reduce public spending and generate new income,” the ministry of Energy and Non-Renewable Natural Resources said in a statement.

The smallest member of the 13-member international oil cartel, Ecuador produces around 530,000 barrels per day of crude. But persistently low growth and high unemployment have forced President Lenin Moreno to embark on an ambitious reform package as part of an International Monetary Fund program.