QUITO, Aug. 12 (Chinese media) -- Ecuadorian Minister of Mines and Petroleum Galo Chiriboga has urged the Organization of Petroleum Exporting Countries (OPEC) not to change their oil output despite drop in international crude prices.
The drop in oil prices reflects the current condition of the market, Chiriboga told local journalists Tuesday.
Ecuador recently reincorporated to the OPEC in which it is only a marginal producer, with some 510,000 barrels per day (bpd).
Chiriboga said Ecuador expects an investment of 800 million U.S. dollars in the private petroleum sector this year, and expressed hope that state-owned oil company Petroecuador would increase crude oil output to 179,000 bpd.
Ecuador is also seeking investments from foreign petroleum companies under new agreements in a bid to increase oil output.
Preliminary agreements were reached last week with Petrobras, Repsol and Andes Petroleum.
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