Ecuador's President Rafael Correa
LatAm countries in talks ahead of March Opec meet
QUITO, February 29, 2016
Latin America's oil exporters, including Venezuela, Colombia, Ecuador and Mexico, are discussing the possibility of pushing for higher oil prices ahead of a meeting of Opec and non-Opec producers in March, according to Ecuador's President Rafael Correa.
Ecuador, along with other regional exporters, has suffered heavily from the global drop in oil prices and has long pushed for an output cut.
"Venezuela, Ecuador, Colombia and Mexico, we are talking about meeting and giving a message of support to Opec," said Correa in a television interview. "Such low prices aren't good for anyone (and) not sustainable."
Colombia and Mexico are not members of the oil cartel, Ecuador is its smallest member, and Venezuela boasts its largest reserves.
Ecuador's government projects $25 per barrel oil this year, down $10 from its previous estimate.
Ecuador's economy this year will likely grow at a "moderate" rate similar to last year's roughly 0.4 percent expansion, the central bank's head said.
Authorities had estimated roughly 1 per cent growth for 2016, but lower oil prices are stinging the Andean nation. --Reuters
