The government announced Ecuador will withdraw from OPEC in January.
I have to tell something about it.
So, why did Ecuador decide to withdraw from OPEC??
Last month JMMC which new ministry of energy in Saudi Arabia announced that some countries which didn’t observe the Production cut should observe.
But Ecuador couldn’t observe it at August. The average is true of, as well.
According to IEA, the Production reduction rate of Ecuador on August was -100%.
If it will decrease sixteen thousand barrel from standard product , it will be 100%.But in fact it increased twenty thousand barrel.
On some broadcast, it is said that Ecuador has much debt from China , so Ecuador have plan to pay back to China with using export of crude oil.
Today I got a message from my Ecuador friend and got to know how Ecuador is now.
Today many classes of schools were suspended because many Ecuadorian people were on strike against the government.
She said, “They were so angry with the president , because all products will go up in price. The gasoline has risen in price.”
So, I will watch how the government and people act from now on.
