Ecuador Seeks Nigeria’s Support to Halt Oil Price Plunge

One of the world’s major oil producing country, Ecuador, has called for the cooperation of Nigeria in a bid to halt the free fall of price of crude oil at the international market.

Already, Ecuador has proposed a cut in Organization of Petroleum Exporting Countries, OPEC, daily production quota which currently stand at 30 million barrel per day.

Ecuadorian Ambassador to Nigeria, Leopoldo Rovayo Verdesoto who spoke exclusively to Daily Trust in an interview in Abuja called for a cut in the current OPEC daily quota; stressing that the market was already flooded with the product.

The Envoy who happens to be the first ambassador of the South American country to Nigeria presented his Letters of Credence to President Muhammadu Buhari at the Presidential Villa in December, 2015.

He also called for the support of Nigeria in the push for the resuscitation of the OPEC monitoring committee..

Verdesoto argued that Nigeria and Ecuador could play the lead role in addressing the current situation in the international oil market.

“Nigeria and Ecuador could make a sign to the market and work towards reducing production on a daily basis,” he said.