Ecuador to Leave OPEC in January Amid Efforts to Boost Income - Bloomberg

Ecuador to Leave OPEC in January Amid Efforts to Boost Income - Bloomberg:

Ecuador, one of OPEC’s smallest members, will leave the group in January as it seeks to increase revenue from crude oil sales, the country’s resources ministry said. 

Ecuador has struggled to increase its production, which has held around 530,000 barrels a day for the past year. It’s limited from increasing output amid curbs placed on the country as part of the deal between OPEC and its allies to restrain output.

“The decision is rooted in the issues and internal challenges that the country needs to bear related to fiscal sustainability,” the ministry said in an emailed statement. The country will “continue to support all efforts that seek to stabilize the world oil market,” the ministry said.