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Andean Group - December 2019
Introduction
On 1 October Ecuador’s Ministry of Energy and Non-Renewable Resources announced that Ecuador would be withdrawing from the Organisation 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 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 oil production in order to ease the country’s large deficit. In this December edition of Latin American Regional Report: Andean Group, we begin by looking at the challenges in overhauling Ecuador’s stagnant oil sector which suffers from corruption, mismanagement and inadequate infrastructure and investment.
