An OPEC Country Breaks Ranks and Increases Oil Output
- Nation must boost production to raise revenue, minister says
- OPEC total compliance with deal sank to six-month low in June
OCBC Bank's Gan Sees WTI at $55 a Barrel
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Ecuador has dealt a blow to OPEC unity by announcing it will start raising oil production this month, arguing it needs the money.
OPEC has for years cheated on its own agreements, particularly when oil prices fail to recover after an output cut. But Ecuador has taken the rare step of saying publicly it will increase production, making it impossible for the group to conceal the desertion.