In view to the "historic meeting" the 171th summit of the Organization of the Petroleum Exporting Countries (OPEC) held in Vienna, where it was agreed to reduce crude oil supply by approximately 1.2 million barrels per day, with a maximum production of 32.5 million barrels per day from 1st January 2017, the Minister of Foreign Affairs and Human Mobility Ecuador, Guillaume Long said his country will continue to encourage the works of OPEC.
"OPEC demonstrated its cohesion and continued relevance in the 21st century. Today was a very important day for our organization and for Ecuador, "said the Ecuadorian Foreign Minister via twitter account, after the OPEC meeting. This agreement has a validity of six months, with possibility of extending another six months.
Speaking to media, hours before the meeting, Guillaume Long explained that "what is sought is to stabilize.... Nobody is expecting the prices like it was 3 or 4 years ago for more than 100 dollars / barrel ", but of course "to balance prices so that we do not have those swings that have been so devastating for us, the exporting countries, "
Chancellor Long stressed the importance of this agreement, he then indicated that with an excess of oil that slam the prices of a barrel of oil which is generating "a lack of planning on the energy issue is a very strong disinvestment and when there is disinvestment, the impact is seen two or three years later. Suddenly, there is a drop in supply and the prices soar up”.
"It's an endless cycle that we must try to correct. That is why OPEC was conceived and the reason why it was created more than 50 years ago, we have to demonstrate today that we are still in force in this 21st century”
The Ecuadorian Embassy in Nigeria stressed that this agreement is profitable for Ecuador, Nigeria, other OPEC countries, other exporting countries and the global economy for it will stimulate investment in the oil industry and boost the economy.