Ecuador rejoined Opec's ranks on Saturday after 15 years, adding to the oil producing group's clout as record prices boost the political and economic influence of its members. Ecuador became the 13th member of the producer group, which already supplies over a third of the world's oil, as President Rafael Correa prepared to attend an Opec heads of state summit in Riyadh on Saturday.
With output of around 500,000 barrels per day (bpd), Ecuador is the group's smallest producer. "Ecuador is now a member," Opec Secretary General Abdullah al-Badri told Reuters in Riyadh. "There will be some little formalities in Abu Dhabi." Opec's next ministerial meeting is in Abu Dhabi, the capital of the United Arab Emirates, on December 5. Ecuador will participate as a full member, the country's Oil Minister Galo Chiriboga said on Saturday.
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