A key meeting between Latin American oil producers and exporters planned to unify the region in backing an output freeze or other measures to bolster prices, has been postponed due to scheduling difficulties, Ecuador’s Oil Minister, Carlos Pareja, said, Reuters reported. The Ecuadorian minister specified that the representatives from Venezuela, Colombia, Ecuador, and Mexico would try to meet at the end of March or in early April.
The plan is to come up with a manifesto to say that all Latin American countries – OPEC and non-OPEC – are willing to do something: freeze the production ceiling, cut if necessary, and join any OPEC initiative.
The expected meeting in Quito was the first significant sign that non-OPEC producers – Colombia and Mexico – were also involved in an effort to bolster prices, which have been hit hard by worries about global oversupply.
Ecuador and Venezuela have pushed hard for this OPEC, non-OPEC meeting because they have suffered more during the recent price plunge than most producers given their heavy reliance on oil. Global prices have fallen 70% since mid-2014.
“There is talk of an OPEC, non-OPEC meeting in Russia from March 20th or 21st. Our proposal is to unite in a decision aimed at better prices and stabilizing the market,” Ecuador’s Oil Minister added, Voice of America reported.