Ecuador could meet with Colombia and Mexico this week, over a potential meeting between Latin American oil producers to unify the region in backing a wider output freeze deal.
Ecuador's oil minister, Carlos Pareja, told reporters yesterday that they were hoping to convene ahead of a bigger meeting in Doha next month.
It follows an earlier agreement between Saudi Arabia and Russia to hold production at January levels, providing other oil producers take part.
"This Wednesday we're going to Colombia and Mexico to discuss this meeting, it would be extraordinary that it be held here in Quito before the Opec and non-Opec meeting," Pareja said.
Ecuador has pushed hard for the widely anticipated Opec, non-Opec meeting, having been one of the biggest casualties from the recent price rout due to the reliance of its economy on oil.
It comes as analysts are warning that the recent rally, which has sent oil prices up around 50 per cent this year, is fizzling out.
A gathering between Ecuador, Colombia and Mexico was originally expected at the beginning of this month, but was pushed back due to scheduling difficulties.
The initial announcement of the meeting had been the first sign that non-Organisation of Petroleum Countries (Opec) producers Colombia and Mexico were considering taking action to shore up prices.