<p>Ecuador announced Tuesday it will withdraw from OPEC in January due to financial problems facing the South American country.</p>.<p>"This measure is in line with the national government plan to reduce public spending and generate new income," the ministry of Energy and Non-Renewable Natural Resources said in a statement.</p>.<p>The smallest member of the 13-member international oil cartel, Ecuador produces around 530,000 barrels per day of crude.</p>.<p>But persistently low growth and high unemployment have forced President Lenin Moreno to embark on an ambitious reform package as part of an International Monetary Fund programme.</p>.<p>Ecuador joined Organization of Petroleum Exporting Countries in 1973 but became the first country to leave in 1992, citing the group's refusal to raise the country's production quota.</p>.<p>The government said OPEC's refusal was economically damaging for the country.</p>.<p>It resumed membership in 2007.</p>.<p>Ecuador "has always been a constructive member of the organization and will maintained the ties it formed with OPEC countries," the ministry said.</p>
<p>Ecuador announced Tuesday it will withdraw from OPEC in January due to financial problems facing the South American country.</p>.<p>"This measure is in line with the national government plan to reduce public spending and generate new income," the ministry of Energy and Non-Renewable Natural Resources said in a statement.</p>.<p>The smallest member of the 13-member international oil cartel, Ecuador produces around 530,000 barrels per day of crude.</p>.<p>But persistently low growth and high unemployment have forced President Lenin Moreno to embark on an ambitious reform package as part of an International Monetary Fund programme.</p>.<p>Ecuador joined Organization of Petroleum Exporting Countries in 1973 but became the first country to leave in 1992, citing the group's refusal to raise the country's production quota.</p>.<p>The government said OPEC's refusal was economically damaging for the country.</p>.<p>It resumed membership in 2007.</p>.<p>Ecuador "has always been a constructive member of the organization and will maintained the ties it formed with OPEC countries," the ministry said.</p>