OPEC to hold emergency meeting on oil prices

Thu Oct 9, 2008 1:07 PM EDT

OPEC said Thursday it will hold an extraordinary meeting Nov. 18 to discuss how the widening global financial crisis is affecting oil prices, a move that could lead to a coordinated production cut in a bid to halt crude's steep losses.

In a statement published on its Web site, the Organization of 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.

OPEC hinted that such a decision may be coming, saying in the statement that it would work "to ensure that oil market fundamentals are kept in balance and market stability is maintained."

Light, sweet crude for November Delivery fell another $1.85 to $86.80 a barrel in afternoon trading on the New York Mercantile Exchange.

There is some doubt whether OPEC can actually slow oil's decline. The cartel's decision last month to cut production by 520,000 barrels a day failed to halt the losses, which have accelerated in recent days.

OPEC members in recent days have stepped up calls to tighten production.

On Thursday, the head of Libya's national oil company, Shukri Ghanem, called on oil producing nations Thursday to cut output to "protect their interest (and) stop the loss of income."

"However, OPEC's aim is to create a balanced market, which neither harms the producers nor the importers," Ghanem told The Associated Press.

The decline in crude prices has fanned fears among OPEC members, many of whose economies are heavily dependent on oil exports.

On Wednesday, Venezuelan President Hugo Chavez said some OPEC members wanted the extraordinary meeting to address oil's downward spiral.

OPEC previously had not planned to meet until Dec. 17 in Algeria.

Associated Press writer Khaled El-Deeb contributed to this report from Tripoli, Lybia.

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{"commentId":3401266,"authorDomain":"david-ciulla"}

Dave-527239

Yeah thats it...

Keep the prices as high as you can so that more jobs can be lost, food prices can continue to skyrocket, and people can go bankrupt because of it...

THis is why we need to say SCREW OFF To the oil companies... and use only alternative energy..

This is sickning... 3.80 a gallon is not enought profit for you..

then watch, in a few years you will also get a bail out!!

{"commentId":3401266,"threadId":"383964","contentId":"1975911","authorDomain":"david-ciulla"}

#1 - Thu Oct 9, 2008 2:02 PM EDT

{"commentId":3404955,"authorDomain":"mnpaintballa"}

Derek S-538325

Maybe we should write apologies to the CEO's and say sorry how they arent making as many billions as they were earlier... Anger and frustration doesnt even come close to how I feel. This problem we are having is the oil market, prices stay low we would have more money to spend on other things. It isnt like it cost that much more to harvest oil and ship it. Its just greed and it will eventually lead to the demise of our economy. If you cut production, food prices will go up, everything will go up and there goes the neighborhood...Literally... This is bull@!$%#...

{"commentId":3404955,"threadId":"383964","contentId":"1975911","authorDomain":"mnpaintballa"}

#2 - Thu Oct 9, 2008 5:20 PM EDT

{"commentId":3412115,"authorDomain":"spookybee1074"}

spookybee

of course they're gonna hold an emergency meeting, their pockets aren't being lined as much anymore. God forbid oil prices fall and give us Americans who have been on the receiving end of the shaft for almost 5 years a much needed break. greed and unregulated profit gouging killed our economy and our faith in the financial system.

But where was the government panic to provide a bailout for the people who were being broken by the greed? A 600$ stimulus. A slap in the face. A crumb of rotten bread to the starving. Now that the uber rich are gonna lose some profit, the Bush admin rushes to the rescue. it makes me want to vomit.

i was concerned at first when i saw the stock market faltering. Then the bailout was passed and I thought the market would rebound but it didn't it got worse, and then, much worse. Then gas prices fell from 3.65ish on Monday to 2.99 today (thur). We haven't seen these kinds of prices in almost a year. I felt relief. No one has said it but when gas prices got out of hand, the middle class suffered because all other expenditures related to oil prices also went up, taxing our bank accounts and sending us into this recession. Heating gas, car fuel, groceries and all other products and services went up because of the gas prices.

I think we should stop panicking and watch what happens. Seems to me what's bad for the stock market is turning out to be great news for common Americans! Maybe we're looking at this wrong. Maybe the only recession is gonna be the richest will not get so much richer but the poorer will finally be able to pull ahead.

{"commentId":3412115,"threadId":"383964","contentId":"1975911","authorDomain":"spookybee1074"}

#3 - Fri Oct 10, 2008 4:16 AM EDT

{"commentId":3464586,"authorDomain":"david-ciulla"}

Dave-527239

Spookybee,

I hope you are right...

But I perdict that prices will start going up again by Christmas... all of us just need to have a stand out....

Not buy ANYTHING FOR A WEEK INCLUDING GAS....

sounds crazy, but it just might work!

{"commentId":3464586,"threadId":"383964","contentId":"1975911","authorDomain":"david-ciulla"}

#4 - Mon Oct 13, 2008 4:30 PM EDT

{"commentId":3485433,"authorDomain":"spookybee1074"}

spookybee

Dave, i have often thought the very same thing! A freeze out of buying! I WISH the American people were strong enough for that. I don't even think we could manage to not buy gas for one day. ONE DAY PEOPLE!! I guarantee, we stand together as a nation for one day and it would make a very strong statement to the governement. And the market and the corporations for that matter. what would have to happen for us to be fed up enough to stand as one and make that statement? $4. a gallon gas? $4. a gallon milk? a min wage that hasnt moved in 10 years? Oh, wait, that's today!

{"commentId":3485433,"threadId":"383964","contentId":"1975911","authorDomain":"spookybee1074"}

#4.1 - Tue Oct 14, 2008 9:17 PM EDT

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