Andean Group - March 2008 (ISSN 1741-4466)

The rise in the oil prices will benefit the economy. The mining and oil minister, Galo Chiriboga, claimed in the run-up to the March Organization of Petroleum Exporting Countries meeting in Vienna that a price range of between US$90 and US$120 for crude oil "reflected market realities". Chiriboga, who has usually been a moderate since the country rejoined Opec, seems to be moving to the more radical side. He argued, along with Venezuela and Iran, that the depreciation in the value of the dollar was forcing the oil price higher. He argued that this phenomenon, and pure speculation, were driving the oil price higher, not Opec's threats to cut production.

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