Ecuador announced Tuesday it will leave OPEC on Jan. 1 in line with the government's fiscal sustainability goals.
Ecuador will continue its good relations with OPEC countries, according to a statement on Twitter by the Ministry of Resources and Energy.
An official communique from the ministry emphasized that Ecuador will continue supporting the stability of oil markets and added that OPEC, since its foundation in 1960, has always benefited all, be it producers or consumers.
Ecuador joined OPEC in 1973 but withdrew from the organization in December 1992, because it was reluctant to pay the annual $2 million membership fee.
Qatar left OPEC in January 2019 to focus on natural gas instead of oil.
By Vakkas Dogantekin