Ecuador in favor of oil production reduction

In the next OPEC meeting on 30 November 2016 in Vienna, Austria, Ecuador will support and advocate for mechanisms that lower and freeze oil production to stabilize the declining prices (El Universo, 25 November 2017). Ecuador’s Hydrocarbons Minister Jose Icaza Romero revealed there are internal discussions between OPEC members to reduce production between 4 to 4.5 percent. Icaza explained Ecuador’s concept is to reasonably reduce production, and eventually freeze it. He added Ecuadorian technicians are presently in Vienna, looking to find consensus between OPEC nation members (America Economia).