Ecuador: Latin America’s Oil Producers Push to Bolster Prices

Latin American oil producers, including main exporters Venezuela, Colombia, Ecuador and Mexico, met Friday at UNASUR's headquarters in Quito where representatives from each country agreed to a common agenda.

A statement released by the Ecuadorean Foreign Ministry detailed the three points of agreement as follows:

"Establish a mechanism for dialogue and integration in the region for the sharing and publicizing of information regarding hydrocarbons reserves, production, demand and inventories.

Promote decisions regarding production, by oil-producing countries, based on public information of the global market and the need to balance production and demand for crude in order to reach an equilibrium price.

To appeal to oil-producing countries who are OPEC and non-OPEC member, who are invited on April 17 at the meeting in Doha-Qatar, to take the necessary actions to stabilize the world oil market, in order to improve prices for the benefit of producing and consuming countries."

Ecuadorean Foreign Minister Guillaume Long stated before the meeting that the goal was "to reach consensus over oil, especially prices."

The meeting was organized over the need to discuss a possible output freeze or other methods to bolster international crude prices and seek a joint position ahead of the OPEC and other major non-OPEC oil producers, such as Russia, during a summit in Qatar, April 17.

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Ecuadorean President Rafael Correa had announced the meeting last week, without giving a date, casting it as part of a push to raise global oil prices.

Venezuela, which has suffered particularly from the loss of oil revenues at a time of deep economic crisis, has been pushing especially hard for a deal to freeze global oil production.

Venezuela and Ecuador are OPEC members, but Colombia and Mexico are not.

"All the (region's) oil producing countries are going to be present," added Long. "It will be an important step ... to adopt a common position in Latin America ... in view of the next OPEC summit."

Russian Energy Minister Alexander Novak said Friday he hoped producers will agree to freeze output in Doha.

Russia, Saudi Arabia, Venezuela and Qatar agreed in February to freeze production at January levels, but said at the time the deal was contingent on other producers joining in.