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Amid crisis and falling oil prices, OPEC to hold emergency meeting

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10/09/2008 05:13 PM
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Amid crisis and falling oil prices, OPEC to hold emergency meeting
The deepening financial crisis and plunging oil prices have prompted OPEC to announce an emergency meeting next month.

The Associated Press says analysts speculate that the cartel will cut production to try to stabilize prices at the Nov. 18 session. It's not certain that will succeed; last month the cartel cut daily output by 520,000 barrels but prices have continued to fall.

Here's what OPEC said:

The Organization is concerned about the deteriorating economic conditions with contagion risks. The subprime mortgage problems that have been observed for a long time have created a shock wave in financial institutions resulting in huge losses, and escalating credit squeeze which has turned into a deep financial crisis. The continuing turmoil in the financial market has spread to many regions and created even more uncertainties for the world economy.
Amid growing unease over this situation, the Organization of Petroleum Exporting Countries has decided to hold an Extraordinary Meeting of the Conference on Tuesday, 18 November 2008, in Vienna to discuss the global financial crisis, the world economic situation and the impacts on the oil market.

The Organization reiterates its determination to ensure that oil market fundamentals are kept in balance and market stability is maintained