Latin American Oil Producers Seek Consensus over Output Freeze in Quito

Reuters

QUITO, April 8 (Reuters) - Delegations from Latin American oil exporters Colombia, Ecuador, Mexico and Venezuela were in Quito on Friday to seek consensus over a possible output freeze or other methods to bolster international crude prices.

Ecuador's Energy Ministry said the purpose of the meeting, due to begin at 1:00 p.m. local time (1400 EST/1800 GMT), was to define the region's position ahead of a meeting of OPEC and non-OPEC producers in Doha on April 17.

The Ecuador meeting is the first significant sign non-OPEC producers Colombia and Mexico are involved in an effort to bolster prices amid the global glut.

Suffering more than most producers from a 60-percent plummet in oil prices since mid-2014, Venezuela and Ecuador's leftist governments have pushed hard for the producers' meeting in Doha.

Russian Energy Minister Alexander Novak said Friday he hoped producers will agree to freeze output in Doha.

Russia, Saudi Arabia, Venezuela and Qatar agreed in February to freeze production at January levels, but said at the time the deal was contingent on other producers joining in.

(Reporting by Alexandra Valencia; Writing by Andrew Cawthorne in Caracas; Editing by Bernadette Baum)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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