Ecuador Risks OPEC Rage by Increasing Production

Ecuador has become the first country to publicly admit it will not meet Opec’s production curbs, saying it needs to pump more oil to address its fiscal deficit.

The South American country’s promised cut of 26,000 barrels of oil a day is a tiny drop in the 1.8m b/d that the cartel recently agreed to curb until early 2018, but the decision is still the first crack in the deal’s unity.


West Texas Intermediate graph

“There’s a need for funds for the fiscal treasury, hence we’ve taken the decision to gradually increase output,” oil minister Carlos Perez told local television, adding he did not think the decision would have a big impact on Opec’s output.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza