OPEC to Convene Emergency Meeting on Oil Prices
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Friday, 10 October 2008 |
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OPEC which was scheduled to hold its next meeting in December is
now to convene in November in order to discuss the dropping oil
price.
In a statement published on its Web site, the Organization of The
Petroleum Exporting Countries said it’s concerned about how the crisis
is hampering global economies and world oil markets. The meeting will
be held in Vienna, Austria.
Oil prices have fallen about 40 percent since soaring to a record
$147.27 on July 11 as a global financial downturn forces people and
businesses everywhere to cut back on energy use.
Analysts have predicted OPEC might use the meeting to announce a production cut in a bid to keep prices from falling further.
PetrolWorld 091008
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