Ecuador to ask OPEC for exception to cutbacks
AP - Tuesday, November 11
QUITO, Ecuador - Ecuador's oil minister says his government will ask OPEC for an exception if the oil cartel moves to slash production for the second time in a month.
The president of the Organization of Petroleum Exporting Countries has said the 13-member cartel could further reduce output if plummeting oil prices aren't bolstered by last month's production cut of 1.5 million barrels a day.
Oil Minister Derlis Palacios says Ecuador deserves to avoid further cuts because its production is marginal and oil exports pay for about 40 percent of its national budget.
Palacios said Monday that Ecuador now produces 493,000 barrels of oil a day, following OPEC's first production cut. He ruled out breaking away from the cartel over the matter.
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