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Article: Ecuador - Part 9B.
- Article from:
- APS Review Gas Market Trends
- Article date:
- March 9, 2009
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Ecuador re-joined OPEC in 2007, after having left the organisation at the end of 1992. Ecuador is the smallest crude oil producer in OPEC, with a quota from Jan. 1, 2009, of 434,000 b/d, down from 493,000 b/d in November. But actual output now is averaging about 465,000 b/d, compared with a capacity of 520,000 b/d.
Ecuador's exports fluctuate between 285,000-295,000 b/d of crude oil and varying volumes of refined products, depending on domestic fuels demand. But the country also imports some fuels which its refineries cannot produce.
According to the Oil and Gas Journal (OGJ), Ecuador had 4.5 bn barrels of proven oil reserves in January 2008, the third ...