A high-level meeting hosted by Ecuador and attended by Bolivia, Colombia, Mexico, and Venezuela in Quito on April 8 has issued a statement calling on all Opec and non-Opec oil producing nations to make decisions that allow the stabilisation of the market.
They called on the oil producing nations, Opec members and non – members, which have been invited to the April 17 meeting in Doha “to take the necessary measures with the objective of stabilising the world oil market, in order to improve the prices for the benefit of oil producing and oil consuming nations.” 
A statement issued by Embassy of Ecuador in Doha said, “The initiative of our country to hold this meeting between the Latin American nations that produce and export oil was due to several factors.” 
It said since the second half of 2014, the price of oil has been falling, and this has directly affected the producers/exporters. 
The costs of production, along with the fall of prices, are higher than the profits arising from sales. 
This has been the “cause of serious economic difficulties” to the producers. Furthermore, it creates “extremely burdensome conditions” for the production and development of fields. 
“Many of the producing nations, including our own, sustain our economies based on this non-renewable resource,” the Ecuador embassy said.  
“The differences between the producers, their decision to increase sales, and the sudden entry into the market of millions of barrels of oil from countries, which have – until recently – exported lower quantities of oil, have provoked a complicated distortion in the pricing scheme. 
“The fall of income from the sale of oil, is leading to a reduction of the plans of development and social inclusion in several oil producing countries. 
Joint and coordinated action of the oil producing countries, whether they are large, medium sized or small, would have a positive effect on the recovery of market stability.” 
The Ecuador embassy said, “With these facts taken into consideration, our nation believed that the gathering of the oil producing nations of the region, in addition to the successful issuance of a joint statement manifesting the desire to find ways of stabilising the market, would have a positive influence over the discussions and decisions adopted by the oil producing and exporting member, and non – member, countries at the meeting of Opec, which will take place on April 17.”