Ecuador will withdraw from the 14-nation Organization of the Petroleum Exporting Countries (OPEC) from Jan. 1 because of fiscal problems, the country’s energy ministry said on Tuesday. The Andean nation is attempting to increase its production of crude oil in a bid to raise more income and has on multiple occasions not complied with the output quota fixed by OPEC. “The decision is based on the issues and internal challenges that the country must take on related to fiscal sustainability,” the ministry said in a statement, without providing further details. “This measure is in line with the national government’s plan to reduce public spending and generate new income,” the statement added. The country, which says it produces about 545,000 barrels per […]