Ecuador scores details on oil contracts with interview

With investors keeping a close eye on OPEC- member Ecuador’s flagging oil production, Reuters scored an interview with Oil Minister Germanico Pinto on August 17, who gave a September timeframe for handing over new contracts to companies. Tough negotiations over the new deals have already crimped investment in the sector even as Ecuador looks to shore up output. Pinto told Reuters the government was concerned over the sliding production and hoped to reach an accord quickly with foreign companies. He also laid out Ecuador’s position on oil prices and OPEV, saying it would not press for a cut at the cartel’s next meeting. The position further backed Iran’s remarks that a production cut was not on the OPEC agenda for now.