Ecuador hopes to rejoin OPEC

Published: 10:25AM Thursday February 22, 2007 Source: Reuters

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Ecuador hopes to rejoin OPEC in the second quarter of this year, Energy Minister Alberto Acosta told reporters on Wednesday.

Asked in a news conference if Ecuador could rejoin the oil cartel in the second-quarter of this year, Acosta said, "We hope so," adding that the Andean country has the backing of Organization of Petroleum Exporting Countries founding member Venezuela.

Ecuador, South America's fifth largest oil producer which left OPEC in 1972, has an output of 530,000 barrels per day.

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