Ecuador to withdraw from Opec

Move a result of financial problems facing the South American country

Last updated: October 01, 2019 | 22:12

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The Opec flag on a desk ahead of a news conference at the 175th Organisation Of Petroleum Exporting Countries (Opec) meeting in Vienna, Austria, on December 6, 2018.

Bloomberg

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

"The Ecuadoran government has decided to cease to belong to the Organisation of Petroleum Exporting Countries (OPEC) from January 1, 2020," the ministry of Energy and Non-Renewable Natural Resources said in a statement.

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