Ecuador is lobbying fellow Latin American oil exporters, Colombia and Mexico, to freeze crude production as part of a broad price-boosting effort that would be cemented at an April 17th meeting of OPEC and non-OPEC producers in Doha, Argus Media reported.
Ecuador’s Oil Minister, Carlos Pareja, said he plans to meet with his counterparts in Bogota and Mexico City as the government has been pressing for a regional summit of oil producers in Quito to coordinate their stance in anticipation of the Doha meeting.
While currently producing 545,000 b/d, “Ecuador is willing to freeze output or even cut production, if necessary, to help oil prices to recover,” said President Rafael Correa, Kallanish Energy reported.
Neighboring country Venezuela has been one of the biggest pushers for the proposed oil output freeze pact expected to be finally sealed. Both OPEC producers, Ecuador and Venezuela, have struggled massively with the slump in oil prices.
The gathering between Colombia, Ecuador, Mexico, and Venezuela was originally expected to take place in early March, but it was delayed due to scheduling difficulties.