Ecuador will withdraw from the 14-nation OPEC on Jan. 1, 2020, because of fiscal problems, the country’s energy ministry said on Oct. 1.
The Andean nation is attempting to increase its production of crude oil in a bid to raise more income and has on multiple occasions not compiled with the output quota fixed by OPEC.
The country will continue to support efforts to stabilize the world oil market, the ministry said in a statement.
Ecuador rejoined the organization in 2007, after withdrawing in 1992.
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