Ecuador argues OPEC should maintain output cuts at next meeting

Ecuador argues OPEC should maintain output cuts at next meeting

Ecuadorean Oil Minister Carlos Perez has recently argued that OPEC should maintain oil production cuts at its next meeting, Reuters reported.

OPEC countries may decide in June to lift output to make up for reduced supply from Iran and Venezuela and in response to concerns from Washington about a rally in oil prices.

In late 2016, OPEC and a number of non-OPEC countries agreed in Vienna to reduce their oil production by a total of 1.8 million barrels per day from the October level, with Russia's cut of 300,000 barrels per day. The agreement was concluded for the first half of 2017 with the possibility of an extension. In May, the deal was extended by nine months and is now valid until the end of March 2018.

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