Delegations from Latin American oil exporters Colombia, Ecuador, Mexico and Venezuela met in Quito on Friday to discuss a proposed output freeze and other methods to bolster international crude prices.
Ecuador’s Energy Ministry said the purpose of the meeting, which began around 1:00 p.m. CT, was to define the region’s position ahead of a meeting of OPEC and non-OPEC producers in Doha on April 17.
“We want to give a strong message to the market and support the decision to be taken in Qatar,” Ecuador’s Oil Minister Carlos Pareja told reporters.
The Ecuador meeting is the first significant sign non-OPEC producers Colombia and Mexico may be involved in an effort to bolster prices amid the global glut.
But Mexico’s government stressed it was only participating as an “observer” to share information. Its energy ministry emphasized in a statement that crude output has already declined by more than a million barrels per day in the last 12 years.
Mexican officials have said the country cannot freeze or cut output in any kind of coordinated strategy among producers to support prices. Mexico’s oil output has been falling for over a decade due to its aging fields and under-investment.
Suffering more than most producers from the 60-percent plummet in oil prices since mid-2014, leftist-ruled Venezuela and Ecuador have pushed hard for the meeting in Doha.
Venezuela’s Oil Minister Eulogio Del Pino told the Quito meeting 18 countries had confirmed their assistance in Doha, with two or three others committing verbally.
Russian Energy Minister Alexander Novak said Friday he hoped producers will agree to freeze output in Doha.
Russia, Saudi Arabia, Venezuela and Qatar agreed in February to freeze production at January levels, but said at the time the deal was contingent on other producers joining in.
more recommended stories
Cozumel returns to lead the cruise industry in Mexico and South America
The general director of the Port.
According to Mexican businessmen, the Maya Train project will only be profitable for Quintana Roo and Yucatán
In spite of the planning of.
2018 Merida’s International Festival of the Maya Culture has been cancelled
The State Government reported that it.
Organic products are becoming more popular in Mérida
Everyday, more and more companies offer.
Local transport companies will invest 250 million pesos in new Cancun-Tulum Metrobus
In order to cover the growing.
While Venezuelans suffer and die of hunger, Maduro eats at one of the most expensive restaurants in the world (VIDEO)
A viral video showing Venezuelan president Nicolás.
Tulum’s “La Calma” Ecoresort master plan rejected by Semarnat
On September 12th, the environmental organization.
Organ donation culture increases in Yucatan
September 17, 2018 (ACOM) .- The.
New air route Merida-Villahermosa
Viva Aerobus, Mexico’s ultra-low-cost airline, with.
Criminology expert warns about possible increase of organized crime activity in Yucatán
“Poverty levels in the state of.