10 Oct 2008

OPEC to hold emergency meeting

5:08 pm on 10 October 2008

The Organization of the Petroleum Exporting Countries will hold an emergency meeting on 18 November in Vienna to discuss the impact of the global financial crisis on the oil market.

The announcement was made in a statement on Thursday after calls from OPEC ministers this week for action to halt a slide in oil prices.

Oil is down from a record price of $US147.per barrel on 11 July to $US87 on expectations the economic weakness will erode fuel demand.

The Organisation of the Petroleum Exporting Countries produces about 40% of the oil produced globally.

The cartel was not expected to meet until 17 December in Algeria.