Resources Ministry says Ecuador will leave the cartel
Ecuador says it seeks to increase revenues from crude oil and that the decision is "rooted in the issues and internal challenges that the country needs to bear related to fiscal sustainability."
While they're leaving they said they would continue to support all efforts that seek to stabilize the world oil market.
Ecuador joined OPEC in 1972 but left from 1992-2007. Ecuador is one of the smaller producers in OPEC, its production was called at 508K bpd this year.
They may be able to lift it to 564K bpd or more. So on net, this is likely to add around 50K bpd to global production.
