Ecuador breaks OPEC cut deal, increases output to raise revenue

The Latin American country, Ecuador, which is one of the OPEC members, has dealt a blow to OPEC cartel by announcing that it won’t be able to honor the OPEC oil output cut deal, as cited by Ecuador’s Oil Minister Carlos Perez in an interview with Teleamazonas earlier this week.

Perez said: “There’s a need for funds for the fiscal treasury, hence we’ve taken the decision to gradually increase output. What Ecuador does or doesn’t do has no major impact on OPEC output.”