Squeezed by crashing oil prices, Opec member Ecuador will slash spending on its key oil sector while it seeks foreign investment, President Rafael Correa said last week.Correa said his government will earmark around $3 billion for the annual budget of state oil company Petroecuador. In 2008, the leftist government initially approved a $4.8 billion budget for Petroecuador to boost dwindling production.
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