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Ecuador pumping more than OPEC quotas - Minister

 

 

 

By Reuters Staff

HOUSTON
Petroleumworld 10 09 2017

Ecuador remains out of compliance with its OPEC oil output reduction target, Carlos Perez, the country's oil minister said on Friday.

Perez made the comments during a presentation on investment in the country's energy sector at Rice University. The government aims to lift oil production to 700,000 bpd by the end of the current administration, four years from now.

Ecuador's output was 548,400 barrels per day (bpd) in 2016, and has declined this year. However, the South American country has not hit its 26,000 bpd OPEC reduction target, he said.

The country is looking for a company willing to invest in a new, 300,000 bpd oil refinery along its Pacific coast, he said during prepared remarks.

In July, Perez said in a televised interview that the country's financial difficulties kept its compliance ratio at about 60 percent of its target, putting daily production at about 545,000 bpd.



Reporting by Marianna Parraga; Editing by W Simon and Bernadette Baum from Reuters.

reuters.com 10 06 2017

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