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Ecuador says OPEC should maintain output levels

Ecuador will propose that OPEC keep current output levels unchanged in the cartel's next meeting, unlike ally Venezuela which wants to lower world production, Oil Minister Galo Chiriboga said.

He said the oil cartel wants to stabilize world crude prices amid a sharp drop in prices.

“I will say that today's prices respond to the market's reality,” Chiriboga told a local radio station.

“The Venezuelan (oil) minister has made a proposal for a reduction in world oil production, but we don't share that opinion... we will propose to maintain (output levels) to stabilize prices.” (Reuters)