Baku, October 2, AZERTAC
Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries (OPEC), said on Tuesday it will leave the 14-nation bloc from January 1 due to fiscal problems, according to Reuters.
The Andean nation is attempting to increase crude production to raise more income and has on multiple occasions broken its output quota fixed by OPEC.
"The decision is based on the issues and internal challenges that the country must take on related to fiscal sustainability," the energy ministry said in a statement, without providing further details.
"This measure is in line with the national government's plan to reduce public spending and generate new income," it added.
Despite its decision to leave OPEC, Ecuador will continue to support efforts to stabilize the world oil market, the ministry said.
Ecuador joined OPEC in 1973, withdrew in 1992, then rejoined in 2007.