Ecuador May Not Quit OPEC After All

Ecuador may renege on its decision to quit its OPEC membership, according to anonymous sources cited by S&P Global Platts, which was supposed to take effect January 1, 2020. Ecuador had announced its decision to quit the oil cartel in earlier October, at a time when the country declared a state of emergency as violent protests erupted over the end of fuel subsidies, but is now allegedly having second thoughts. Its membership cancelation would have saved Ecuador around $2 million dollars in the form of an OPEC membership fee.  This $2 million…