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Ecuador Reveals Pain Inside OPEC: It's Pumping Oil at a Loss

  • Latin American country receives $30 but costs run at $39
  • Warning comes as other OPEC nations ask for emergency meeting
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Ecuador has revealed the financial stress inside OPEC created by low oil prices, becoming the first member of the group to say it’s pumping at a loss.

President Rafael Correa said on Tuesday that the South American nation is receiving as little as $30 a barrel for its crude, while production costs average about $39. The warning comes after several other members of the Organization of Petroleum Exporting Countries, including Algeria and Libya, said the group should consider holding an emergency meeting to respond to the drop in oil prices.