October 3, 2019
The Ecuadorean government said it will leave the Organization of the Petroleum Exporting Countries (OPEC) at the end of the year, due to fiscal concerns.
"This measure is aligned with the national government's plan to reduce public spending and generate new income," the Ministry of Energy and Non-Renewable Natural Resources said in a statement.
The ministry added that it will maintain ties with OPEC and "continue supporting all the efforts that look to stabilize the global petroleum market."
Energy ministry says the withdrawal aligns with plans to reduce public spending and increase revenues