Ecuador presidential election troubles oil sector

12/04/2006
The Nov. 26 presidential election in Ecuador of leftist economist Rafael Correa in a landslide victory against right-wing tycoon Alvaro Noboa is sounding alarms in the international oil sector.Although all votes have not been tallied, Ecuador’s Supreme Electoral Tribunal said Correa will be the President-elect even if Noboa wins all of the remaining votes. During the campaign, Correa said he wants to reduce foreign control over Ecuador’s oil and distribute the benefits more broadly.Ecuador is a former member of the Organization of Oil Petroleum Exporting Countries, and Correa also said he will consider rejoining OPEC.Except for Venezuela, Ecuador supplies more oil to the US th...
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