Ecuador’s oil minister said on Monday he will travel to Colombia and Mexico this week to discuss a proposed meeting between Latin American oil producers to unify the region in backing an output freeze or other measures to bolster prices. The gathering between Colombia, Ecuador, Mexico and Venezuela was originally expected at the start of March but was delayed due to scheduling difficulties.
Ecuador’s Oil Minister Carlos Pareja told reporters on Monday they were hoping to hold the meeting before OPEC and non-OPEC producers meet in Doha next month. “This Wednesday we’re going to Colombia and Mexico to discuss this meeting, it would be extraordinary that it be held here in Quito before the OPEC and non-OPEC meeting,” he said.
A meeting would be the first significant sign that non-OPEC producers Colombia and Mexico were involved in an effort to bolster prices, which have been hit hard by 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 of their economies heavy reliance on oil.