Ecuador withdrawal from the current Opec/non-Opec crude production deal would be negative to the agreement
"We think (Ecuador withdrawal) will not be good, because all countries are committed to fulfilling the agreement and we need to bring it to a logical end, to decrease oil stocks and rebalance oil demand and production," Novak said.
In response to Novak?s remarks, Ecuador oil minister Carlos Perez told Argus today: "Ecuador supports Opec's efforts and is open to take all opinions into consideration, but we will make a decision that benefits our country. We must consider Ecuador's (financial) needs."
Ecuador will submit a request to Opec to be spared from any potential output cuts agreed in the organization's next meeting on 30 November, but if this proposal is not successful the country will ask for a two-year license, Perez told journalists in Quito today.
Ecuador is a marginal producer whose output does not affect Opec, Perez has previously said.