Latin American Economy & Business - August 2017 (ISSN 1741-7430)

Amid broader concerns in international commodity markets about the commitment from members of the Organisation for Oil-Exporting Countries (OPEC) to meet prescribed oil production cuts, Ecuador has become the first country to publically break from its reduced quota. On 17 July, the energy minister announced that oil production would rise immediately, in an attempt to alleviate pressure on the public finances. This has been accompanied by fresh budget cuts by the government.