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Economy & Business - December 2019
ECUADOR: Uphill struggle to revitalise its oil industry
On 1 October, Ecuador’s ministry of energy and non-renewable resources announced that Ecuador would be withdrawing from the Organization of the Petroleum Exporting Countries (Opec) on 1 January 2020. The official statement from the ministry cited the country’s internal challenges relating to “fiscal sustainability” as main the motive for the departure. Opec’s self-imposed limits on the oil production of its member states have frustrated Ecuador’s President Lenín Moreno’s objective of increasing Ecuador’s oil production in order to reduce the country’s large deficit. Nonetheless, it will take much more to revitalise Ecuador’s stagnant oil sector, which suffers from corruption, mismanagement, and inadequate infrastructure and investment.
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