{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Press conference with Ecuador president at OPEC summit' data-url='/boclips/videos/5c54bfa2d8eafeecae144a5b' data-video-url='/boclips/videos/5c54bfa2d8eafeecae144a5b' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nPress conference with Ecuador president at OPEC summit\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Exterior shot of Marriot hotel, where news conference was held2. Wide of the conference3. Cutaway of cameraman4. SOUNDBITE: (English) Rafael Correa, Ecuadorean President:\"What is OPEC is you want a group of countries doing collective...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Exterior shot of Marriot hotel, where news conference was held\u003cbr/\u003e2. Wide of the conference\u003cbr/\u003e3. Cutaway of cameraman\u003cbr/\u003e4. SOUNDBITE: (English) Rafael Correa, Ecuadorean President:\u003cbr/\u003e\"What is OPEC is you want a group of countries doing collective action, public policies in order to improve our standard of life, our people, etcetera. So if you are doing public policies, if you are doing collective actions, you are doing politics so what is the problem? I do not understand this. So, OPEC, if you want to reduce OPEC to a technical matter that is not possible that is to deny the reality. OPEC must take political actions because we are doing public policies and public policies is political.\"\u003cbr/\u003e5. Cutaway of news conference\u003cbr/\u003e6. SOUNDBITE: (English) Rafael Correa, Ecuadorean President:\u003cbr/\u003e\"We will now do a lot of investment into the hydrocarborfic (hydrocarbon) sector. We have to build up refineries, we have to build up pipelines, we have to invest a lot in exploration and also we have several initiatives like ITT (Ishpingo-Tiputini-Tambococha) initiative. That means to keep our oil underground but to receive a compensation from the rest of the world.\u003cbr/\u003e7. Cutaway of news conference\u003cbr/\u003e8. SOUNDBITE: (Spanish) Rafael Correa, Ecuadorean President:\u003cbr/\u003e\"To predict the price of oil is the hardest thing there is. Obviously if there is a conflict in oil producing countries, the price will sky rocket and probably that is what avoids certain conflicts, right? Certain aggressions, invasions, etc, to know that if that invasion takes place the price of oil will sky rocket and that will probably harm the aggressor himself, the invader himself. We can't say if there is an invasion of Iran, if the oil price will be 150, 200 or 250. In in our opinion that would be the least important. What would be very serious would be to try and invade and attack an sovereign country simply because we do not agree with their policies.\"\u003cbr/\u003e9. Wide of news conference\u003cbr/\u003eEcuadorean President Rafael Correa, in his first public speech since his country's official re-entry into OPEC (Organisation of Petroleum Exporting Countries), said on Sunday that the 13-nation oil producer group must take on a more political role and that current oil prices remain historically low. \u003cbr/\u003eCorrea said he joined his Venezuelan ally, President Hugo Chavez, in arguing for the OPEC to assume a more political role, a position that other members, including the group's de facto leader, Saudi Arabia, have clearly opposed.\u003cbr/\u003e\"If you want to reduce OPEC to a technical matter that is not possible that is to deny the reality. OPEC must take political actions because we are doing public policies and public policies are political,\" he told a news conference in the Saudi Arabian capital on the sidelines of OPEC's heads-of-state summit.\u003cbr/\u003eCorrea did not directly back comments by Chavez that 100 US dollars a barrel is a \"fair\" price for oil, but said that current prices, when adjusted for inflation, still remained low.\u003cbr/\u003eThe weakening of the US dollar has eroded the value of oil earnings for producers, and Iran and Venezuela have pushed for possible ways to counter that, such as an oil currency basket, a move Saudi Arabia opposed earlier this week.\u003cbr/\u003eCorrea also said OPEC has the clout in the energy market to help coordinate a battle against global warming.\u003cbr/\u003eHe suggested an environmental tax could be imposed on richer, consumer nations that would help advance alternative fuels and also \"compensate\" poorer, developing countries trying to industrialise.\u003cbr/\u003eHe said investment was needed in refineries and exploration but also in climate friendly initiatives such as the ITT initiative which calls for the country's largest reserve of oil fields, the Ishpingo-Tiputini-Tambococha, to remain untapped in exchange for compensation. \u003cbr/\u003eEarlier this year Ecuador's state-oil firm Petroecuador and Brazil's state-run oil company Petroleo Brasileiro SA, or, Petrobras, signed a memorandum of understanding to develop Ecuador's Ishpingo-Tiputini-Tambococha oil fields.\u003cbr/\u003eThe fields, which are located in Ecuador's Yasuni National Park a UNESCO Biosphere Reserve hold nearly 1 billion barrels of crude.\u003cbr/\u003e\"We will now do a lot of investment into the hydrocarborfic (hyrdrocarbons) sector. We have to build up refineries, we have to build up pipelines, we have to invest a lot in exploration and also we have several initiatives like ITT that means to keep our oil underground but to receive a compensation from the rest of the world,\" he said.\u003cbr/\u003eCorrea also made a mention of how conflict played up oil prices. \u003cbr/\u003e\"To predict the price of oil is the hardest thing there is. Obviously if there is a conflict in oil producing countries, the price will sky rocket and probably that is what avoids certain conflicts, right? Certain aggressions, invasions, etc, to know that if that invasion takes place the price of oil will sky rocket and that will probably harm the aggressor himself, the invader himself,\" he said.\u003cbr/\u003e\"We can't say if there is an invasion of Iran, if the oil price will be 150, 200 or 250. In in our opinion that would be the least important. What would be very serious would be to try and invade and attack an sovereign country simply because we do not agree with their policies,\" he added. \u003cbr/\u003eEcuador left OPEC in 1992 saying it couldn't afford to pay membership dues and disagreed over OPEC's production quotas at the time.\u003cbr/\u003eAlthough Ecuador currently produces around 510,000 barrels a day of crude oil, the government aims to have an OPEC quota of 530,000 barrels a day.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 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