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
Fonatur accused of logging more than 144 hectares of forest land for the Tren Maya
MÉRIDA, MX.- Civil associations have joined.
Yacht catches fire on the high seas off the shore of Celestún
The yacht “Juan Pablo” at the.
Mauricio Vila promotes Yucatan during the meeting of governors with the United States Ambassador
Villahermosa, Tabasco, (October 21, 2021) .-.
Greenpeace asks Profepa to investigate alleged illegal planting of transgenic soybeans and corn in Campeche
MÉRIDA, MX.- The international group Greenpeace.
Fossil stuck in 100 million-year-old amber is oldest “true crab” ever discovered
In 2015, two researchers stumbled across.
We still have five weeks left to 2021 hurricane season
The 2021 hurricane season hasn’t been.
Increased feeling of insecurity among Merida residents (INEGI)
Mérida, Yucatán.- Insecurity perception indexes throughout.
FGE arrests two men for child abuse in Yucatan
MÉRIDA, Yucatán, (October 21, 2021) .-.
Agustín Gusto, the first wine produced in Valladolid, Yucatán
Valladolid, Yucatán.- The Agustín Gusto restaurant,.
Mérida’s 2022 municipal budget proposal is ready
Merida will prioritize health services, security.