Ecuador Leaves OPEC

Ecuador intends to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) in January next year because of the financial difficulties it faces, AFP reported.

"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.

Ecuador has been a member of OPEC since 1973. In 1992, the country ceased membership and resumed in 2007. Ecuador's oil reserves are estimated at 8.3 billion barrels. Ecuador produces around 530,000 barrels of crude daily.