RIO DE JANEIRO, BRAZIL - Ecuador was one of the smallest members of the Organization of Petroleum Exporting Countries but decided to leave the association two years ago. It did not want to abide by oil production cuts agreed upon when the treasury needed more revenue.
The urgency for new resources remains, and new President Guillermo Lasso arrived at the Carondelet Palace with plans to double current production. On the one hand, this strategy is met with skepticism in the professional oil world, as it requires billions of dollars in investment; on the other hand, it has set alarm bells ringing . . .