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Mexico and Other Latin American Oil Producers to Meet Friday in Quito

The oil price plunge had led Latin American oil producers to meet in an effort to bolster prices
By The News · 05 of April 2016 17:38:21
The meeting in Ecuador will feature OPEC and non-OPEC oil producers, REUTERS/Edgard Garrido, Photo: Reuters/Edgard Garrido.

QUITO – Latin American oil producers Colombia, Ecuador, Mexico and Venezuela are to meet on Friday to discuss an output freeze or other methods to bolster crude prices, Ecuador’s President Rafael Correa told journalists on Tuesday.

The gathering was originally expected at the start of March, but was delayed due to scheduling difficulties.

Correa said Mexico was the toughest to co-ordinate with.

A solution to the slump in oil prices is a priority for Latin American producer. Photo: Reuters/Edgard Garrido.

A solution to the slump in oil prices is a priority for Latin American producers. Photo: Reuters/Edgard Garrido.

“The meeting will take place on April 8,” said Correa, who has been pushing for the meeting. “It’s been most difficult to co-ordinate with Mexico.”

He added that they hoped to have a declaration of support for a forthcoming OPEC, non-OPEC meeting in Doha on April 17.

This regional meeting is the first significant sign that non-OPEC producers Colombia and Mexico are involved in an effort to bolster prices, in a deep slump due to worries about global oversupply.

Ecuador and Venezuela have pushed hard for the OPEC, non-OPEC meeting because they have suffered more during the recent price plunge than most producers because their economies rely heavily on oil.

Oil prices rose on Tuesday after Kuwait insisted major producers will agree to freeze output later this month even as key player Iran continued to balk at the plan.