Ecuador Seeks Nigeria’s Support To Halt Crude Price Slide | Independent Newspapers Limited
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Ecuador Seeks Nigeria’s Support To Halt Crude Price Slide

Posted: Jan 5, 2016 at 8:30 am   /   by   /   comments (0)
  • Proposes cut in production quota

Ecuador, a major oil producing country has called for the cooperation of Nigeria as part of the efforts to halt the free fall of price of crude oil at the international market.

Already, Ecuador has proposed a cut in  Organization of Petroleum Exporting Countries  (OPEC) daily production quota which currently stand at 30 million barrel per day.

Ecuadorian Ambassador to Nigeria, Mr. Leopoldo Rovayo Verdesoto who spoke exclusively to our reporter in an interview in Abuja called for a cut in the current OPEC daily quota; stressing that the market was already flooded with the product.

Verdesoto who happens to be the first ambassador of the South American country to Nigeria presented his Letters of Credence to President Muhammadu Buhari at the Presidential Villa in December, 2015.

The envoy also called for the support of Nigeria in the push for the resuscitation of the OPEC monitoring committee.

This he said will go a very long way towards halting the free fall of price of the product.

He argued that Nigeria and Ecuador could play the lead role in  addressing the current situation in the international oil market.

“Nigeria and Ecuador could make a sign to the market and work towards reducing production on a daily basis,” he said.

The envoy noted that a proposal to that effect was already been prepared by his country’s minister of petroleum.

He however said though this is not the only issue affecting the price of crude oil in international market, which includes drop in demands for the product.

He said, “what I would like to do is to improve the relationship between both countries in the field of petroleum and as you have known We are both members of OPEC, and there is a lot of work to do because there are lots of interest and even  in OPEC there are different points of views, but it seems that we have to make signs to the market that we could work together to put production in a less daily basis.”