Ecuador regains status in OPEC membership

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Ecuador regains status in OPEC membership

posted on Oct 24, 2007 11:47AM

Oct 24, 2007 04:30 AM

The Organization of Petroleum Exporting Countries has accepted Ecuador back as an active member, the country's energy minister said yesterday.

OPEC sent a letter to Ecuadorean officials yesterday, two weeks after the Andean country officially asked to regain its active membership status, Minister Galo Chiriboga said.

Ecuador, a marginal oil producer with 507,000 barrels a day in production, stopped paying OPEC dues in 1992, although it never formally quit the organization. Chiriboga said Ecuador and OPEC agreed on a three-year payment plan for $5.7 million (U.S.) in outstanding dues "according to the state's financial possibilities."