Equador energy minister Javier Espinosa said the price of his country`s oil, much of which goes to U.S. Gulf ports, has been set at $19 a barrel and would be based on the price of Alaska North Slope crude. Oil traders in New York, however, said the figure was unrealistic, given the current price of Alaska North Slope at $17.80 a barrel. They noted that Ecuadoran oil normally sells at a slight discount, and competes with Mexican and Venezualan shipments in the price-sensitive Gulf oil markets. Ecuador, a minor OPEC producer with output of 300,000 barrels a day, abandoned fixed prices in August.
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