Ecuador and OPEC

Ecuador left OPEC for the second time on 12 January 2020.

Wikipedia gives Ecuador's reason for leaving OPEC in 1992 as "because it was unwilling to pay the annual US$2 million membership fee and felt that it needed to produce more oil than it was allowed under its OPEC quota at the time". In 2020, Reuters reported that the reason was more the latter: Ecuador was "attempting to increase crude production to raise more income" and had "on multiple occasions broken its output quota fixed by OPEC."

© Haydn Thompson 2020