Ecuador returning to OPEC; Mexico running out of oil?

Ecuador will be rejoining global oil cartel OPEC as an active member according to the country’s government. Ecuador has been a member of the organization despite not paying its dues for 25 years yet that will change next month during an OPEC summit.

According to the Associated Press, Ecuador's president is anticipating vital gains from active participation in OPEC:

The Correa administration has said several times it wants to rejoin OPEC for strategic reasons, ranging from technology support to access to loans from other member countries.

On a related note, Mexican President Felipe Calderon declared that his country is running out of oil. "Our oil reserves have been consistently falling," said Calderon during a September speech that was reported on this week by the International Herald Tribune.

Sources- International Herald Tribune, Xinhua, Bloomberg

Image- MercoPress