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OIL

OPEC calls emergency meeting for Nov. 18

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OPEC will hold an emergency meeting on Nov. 18 in Vienna to discuss the impact of the global financial crisis on the oil market, the exporter group said in a statement on Thursday.

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The OPEC oil producers' cartel will hold an emergency meeting in Vienna on November 18 to discuss the effects of the global financial crisis on crude prices, it said on Thursday.

"The Organization is concerned about the deteriorating economic conditions," said a statement from the Organization of Petroleum Exporting Countries (OPEC).

"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."

Chronic turmoil on world financial markets had spread to many regions across the globe and "created even more uncertainties for the world economy," it added.

"Amid growing unease over this situation, the Organisation has decided to hold an extraordinary meeting ... 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."
  

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