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On November 11, Ecuador's oil minister, Pedro Merizalde, said that the international oil market is currently unbalanced, and that the Organization of the Petroleum Exporting Countries (OPEC) production cuts are the only way to
balance the market.
Merizalde said it hoped to reach an agreement
at OPEC's semi-annual meeting on Dec.
4.
Asked about the outcome of the December meeting, Merizalde said: "Let's see if we can reach an agreement
to balance the oil market.
" ”
In addition, the Saudi oil minister said that he discussed the oil market with the Venezuelan oil minister at the meeting in Riyadh
.
This year, due to the sharp drop in oil prices, the Ecuadorian government has encountered liquidity difficulties and drastically cut spending, resulting in an inactive domestic market; In addition, in the context of economic downturn, consumers often choose to reduce unnecessary spending, buy only essential goods, and consumption is suppressed - which makes Ecuador, like Venezuela, hope that OPEC will take measures to promote a recovery in oil prices, but all this needs to be supported
by OPEC head Saudi Arabia.
On November 11, Ecuador's oil minister, Pedro Merizalde, said that the international oil market is currently unbalanced, and that the Organization of the Petroleum Exporting Countries (OPEC) production cuts are the only way to
balance the market.
Merizalde said it hoped to reach an agreement
at OPEC's semi-annual meeting on Dec.
4.
Asked about the outcome of the December meeting, Merizalde said: "Let's see if we can reach an agreement
to balance the oil market.
" ”
In addition, the Saudi oil minister said that he discussed the oil market with the Venezuelan oil minister at the meeting in Riyadh
.
This year, due to the sharp drop in oil prices, the Ecuadorian government has encountered liquidity difficulties and drastically cut spending, resulting in an inactive domestic market; In addition, in the context of economic downturn, consumers often choose to reduce unnecessary spending, buy only essential goods, and consumption is suppressed - which makes Ecuador, like Venezuela, hope that OPEC will take measures to promote a recovery in oil prices, but all this needs to be supported
by OPEC head Saudi Arabia.
