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Ecuador to exit OPEC in 2020
Oct. 2, 2019
Source: Reuters

Ecuador to exit OPEC in 2020

In a major shock to OPEC, one of its smallest members, Ecuador yesterday said that it will leave the oil cartel effective from Jan. 1, citing fiscal problems. Ecuador is looking to boost crude production to extract more income and has broken the output quota fixed by the cartel on multiple occasions. The South American country struggling with tight liquidity due to a wide fiscal deficit and immense foreign debt.

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