08 April 2016

Latin America Oil Producers Call for Action to Improve Prices

By Nathan Gill and Andrew Willis
April 8, 2016 (Bloomberg News) -- Oil-producing countries must take the necessary steps to stabilize the global crude market in a bid to improve prices, Ecuador Foreign Minister Guillaume Long said on behalf of Latin American nations after a gathering in Quito.

Waiting for the market to balance itself would be “catastrophic,” Ecuador Oil Minister Carlos Pareja said earlier, before the meeting on Friday. Ecuador, OPEC’s smallest member, hosted the talks ahead of a summit of producers in Doha, Qatar, on April 17.

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