The Organization of Petroleum Exporting Countries, producer of about 40 percent of the world’s oil supply, remains undecided about whether to change output quotas at a meeting next month, Ecuador’s oil minister said.
Ecuador Finance Ministry announces 2014 budget data in Twitter statement. * 2014 spending to rise 5.98% from budgeted $32.4b this year * Govt budgets oil prices will avg. $86.40/brl in 2014 * Statement didn’t give other details of budget * NOTE: President Rafael Correa said Oct. 26 GDP may rise as much as 5% in 2014 * NOTE: Avg. price of Ecuador’s Oriente and Napo crudes in year through Aug. was $98.27/brl, according to central bank
Ecuador, the top grower of flavored cocoa beans used in fine chocolate, expects record exports this year as new plants and education programs increase output, the head of the country’s National Cocoa Exporters Association said.