LatAm oil exporters urge oil producers to help stabilize market

Delegations from Latin American oil exporters from Colombia, Ecuador, Mexico and Venezuela pose for a photo during a meeting at the UNASUR headquarters in Quito, April 8, 2016. REUTERS/GUILLERMO GRANJA

Delegations from Latin American oil exporters Colombia, Ecuador, Mexico and Venezuela met in Quito on Friday to discuss a proposed output freeze and other methods to bolster international crude prices.

Latin America’s main oil exporters on Friday called on both OPEC and non-OPEC nations to take action to stabilize oil markets, in a timid statement that did not explicitly back an output freeze or offer more aggressive proposals to shore up slumping prices.

Delegations from Colombia, Ecuador, Mexico and Venezuela met in Quito in the run-up to a meeting in Doha on April 17 that oil exporters hope will help reduce a supply glut that has driven global oil prices down by around 60 percent since mid-2014.

The countries in a statement agreed to “call on OPEC and non-OPEC oil producers … to take necessary actions to stabilize the world petroleum market to improve prices for the benefit of producer and consumer nations.”

Read the full article on Reuters.

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