Ecuador joins anti-US camp with call for political OPEC
The president of OPEC's newest member, Ecuador, joined fellow left-wing leader Hugo Chavez, the president of Venezuela, in calling for the oil-producing cartel to be more political.
By Agencies |
RIYADH: The president of OPEC's newest member, Ecuador, joined fellow left-wing leader Hugo Chavez, the president of Venezuela, in calling for the oil-producing cartel to be more political.
He also urged the other 12 members of the group to think about pricing oil in another currency than the dollar, which has been falling and reducing the income of oil producers.
"We should not be afraid of a political vision for OPEC. That's just denying reality," Rafael Correa told journalists.
"Reducing OPEC to a technical organisation is impossible." The group has a history of using its oil exports as a political weapon -- members ceased exports in 1973 over the Arab-Israeli war -- but nowadays leading member Saudi Arabia, a US ally, insists on a purely economic agenda for the group.
Correa comments put the new member, which left in 1992, firmly in the minority anti-US camp of OPEC, which is dominated by a pro-Western Gulf contingent.
Iran and Venezuela are both pushing for oil to be priced in euros, rather than the US currency, and both favour a more assertive OPEC involved in foreign policy.
He also urged the other 12 members of the group to think about pricing oil in another currency than the dollar, which has been falling and reducing the income of oil producers.
"We should not be afraid of a political vision for OPEC. That's just denying reality," Rafael Correa told journalists.
"Reducing OPEC to a technical organisation is impossible." The group has a history of using its oil exports as a political weapon -- members ceased exports in 1973 over the Arab-Israeli war -- but nowadays leading member Saudi Arabia, a US ally, insists on a purely economic agenda for the group.
Correa comments put the new member, which left in 1992, firmly in the minority anti-US camp of OPEC, which is dominated by a pro-Western Gulf contingent.
Iran and Venezuela are both pushing for oil to be priced in euros, rather than the US currency, and both favour a more assertive OPEC involved in foreign policy.
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