Ecuador OilMin Perez: Will cap output at higher level in deal with OPEC

Bloomberg reporting comments delivered by Ecuador’s Oil Minister Carlos Perez late-Tuesday, noting that the South American country will cap its production at its current 541,000 barrels a day to avoid undermining the OPEC output-curbs deal.

Perez noted: “Even though there is greater potential, we have a commitment with OPEC to maintain this production until there are new guidelines.”

Saudi Energy Minister Khalid Al-Falih called Perez last month when he abandoned the OPEC deal because of the nation’s troubled fiscal and economic situation.