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The Organization of the Petroleum Exporting Countries said on Thursday it had brought forward an emergency meeting to discuss the impact of global recession on oil markets to Friday next week.
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CNBC.com |
Pressure has been mounting within the 13-member group to reduce supplies as oil prices have fallen by around 50 percent from an all-time high of $147.27 hit in July following the global economic slowdown which is expected to eat into demand.
A statement from the Vienna secretariat on Thursday said only that the OPEC secretary general, following consultations with other ministers, had decided to reschedule a meeting planned for Nov. 18 to Oct. 24.
OPEC last met in September and originally had not been expected to meet again until Dec. 17, but earlier this month, it called an extra meeting to discuss "the global financial crisis, the world economic slowdown and the impact on the oil market."
Nigerian Oil Minister Odein Ajumogobia said the Oct. 24 meeting would be an opportunity to consider options regarding the world oil price, but that no course of action had yet been proposed.
"I regard it as an exploratory meeting to review facts and options. Not even tentative proposals have been discussed at this stage," Ajumogobia told Reuters.
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