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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Ecuador president announces oil production cuts AP - 2 hours 54 minutes ago QUITO, Ecuador - President Rafael Correa has announced Ecuador will suspend oil production by Italy's Agip and reduce quotas for other companies to comply with new OPEC cuts. Correa said on Saturday that he has ordered Ecuador's oil minister to cut off all production by Agip, a subsidiary of Eni SpA, Italy's largest natural gas and oil company. Agip produces 28,000 barrels of oil a day from Ecuador's Amazon jungle. Correa criticized terms of the government contract with Agip. An Eni spokesman in Italy declined to comment. Agip officials in Ecuador were not available. The president announced cutbacks for other private oil producers without identifying the companies. The Organization of Petroleum Exporting Countries, which accounts for about 40 percent of global supply, has announced crude production cuts totaling more than 4 million barrels per day as it tries to stop declining prices. OPEC members, however, have a history of ignoring announced quotas and crude traders have been waiting for concrete evidence that the 13-nation group was tightening the spigot. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Ecuador president announces oil production cutsAP - 2 hours 54 minutes ago Putin warns of higher prices as 'gas OPEC' meetsAFP - Wednesday, December 24 Bahrain says Occidental leads oil contract biddersReuters - Monday, December 22 Oil prices mixed; New York contract expires below 34 dollarsAFP - Saturday, December 20 Related Articles: Business Turkish parliament cuts spendingAP - 55 minutes ago SNAPSHOT - Financial Crisis - 1955 GMTReuters - 1 hour 6 minutes ago Doors close at about 200 Woolworths in BritainAP - 1 hour 13 minutes ago Flights at Hong Kong airport disrupted by strike of ground staffAFP - 2 hours 53 minutes ago Ecuador president announces oil production cutsAP - 2 hours 54 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Stars of Hollywood, high-tech open wallets for Obama party Tough times seen ahead for British, Japanese economies Funeral of Guinea strongman as junta tightens grip Australian 'mummy smuggler' arrested in Cairo View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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