Ecuador, Colombia, and Venezuela will hold an oil summit Friday to reach a joint position ahead of a meeting of OPEC and non-OPEC members on a possible output freeze, Ecuador's president, Rafael Correa, said late Tuesday.
Last month, OPEC member Ecuador said it would host a meeting of all Latin American oil producers to find a joint position.
While Ecuador is aiming for an output cut, Correa said a recovery of Iranian output to pre-sanction levels "is the correct thing."
OPEC and non-OPEC countries meet April 17 in Doha, Qatar.
In the short term, an agreement among other producers to freeze output without Iranian participation would be enough to stabilize oil prices, Correa said in comments distributed by government news agency Andes.
An agreement to a freeze, however, would be only be a first step, he added.
"If we see that more has to be done, then with a first agreement to a freeze the doors will open to later reduce production a bit," he said.
Later, "observing how the market evolves, [producers should] see if a reduction [in output] can be achieved," Correa said.
Hit by falling prices, Ecuador has practically stopped receiving oil income, with close to 90% of oil deliveries going to pay off debt to China.
In the past, Correa has argued in favor of crude output cuts between close to 2% and 5%.
