 President Correa has promised a "citizen's revolution" for the country |
Ecuador, South America's fifth-largest oil producer, has confirmed that it wants to rejoin the Opec oil producers' cartel. Ecuador's President Rafael Correa said membership would open many new opportunities, including easier access to loans from banks in the Middle East.
Opec has already indicated that Ecuador could rejoin at any time, and its bid has been backed by Venezuela.
Ecuador left Opec in 1992 owing a debt of more than $5bn.
Some members have called for Ecuador to repay the money before it is allowed to rejoin Opec, or the Organization of the Petroleum Exporting Countries.
"The decision to return to Opec has been taken and this will open up a lot of opportunities, among them access to credit in Middle East banks," Mr Correa said during an official visit to Brazil.
However, Mr Correa did not give a date for when Ecuador planned on retaking its place within Opec.
Ecuador produces more than 500,000 barrels of oil per day and has been benefiting from higher crude prices.
The price of crude oil fell in New York and London on Thursday after Iran released 15 British Royal Navy crew members, easing fears of disruption to oil exports from Iran.
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