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UPDATE 1-Too early for OPEC increase decision, Ecuador Oilmin

Sun Mar 2, 2008 8:18pm IST
 
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QUITO, March 2 (Reuters) - Ecuador believes it is still too early for OPEC to decide on an output increase at its next meeting, Oil Minister Galo Chiriboga told Reuters on Sunday.

Ecuador is a small producer, but has aligned itself to hawkish price policies of fellow member Venezuela. OPEC will meet on March 5 in Vienna to discuss policy.

At its previous meeting, OPEC ministers resisted calls from consuming countries to raise output and ease prices. Worries over a possible U.S. recession are stoking fears about world demand for crude. (Reporting by Alonso Soto; writing by Patrick Markey in Bogota, editing by Maureen Bavdek)

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