Quito/London — Ecuador has dealt a blow to oil cartel Opec unity by announcing it will start raising oil production this month, arguing it needs the money. For years, Opec has cheated on its own agreements, particularly when oil prices fail to recover after an output cut, but Ecuador has taken the rare step of saying publicly it will increase production, making it impossible for the group to conceal the desertion. The Latin American country won’t be able to meet its commitment to lower output by 26,000 barrels a day to 522,000, as agreed with Opec last year, oil minister Carlos Pérez said in an interview with Teleamazonas late on Monday. "There’s a need for funds for the fiscal treasury, hence we’ve taken the decision to gradually increase output," Pérez said. "What Ecuador does or doesn’t do has no major impact on Opec output." Indeed, Ecuador’s exit is largely immaterial when considering the size of the global oil market, as the amount it agreed to cut accounts for less than 25 se...
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