OPEC has called for an extraordinary meet on 24th of this month, expectantly to mull an output cut plan of 1-2.5 mln bpd in a bid to fight deteriorating oil prices that have more than halved since July. This drastic drop has been witnessed as a result of global economic downturn triggered essentially by a financial crisis in USA- world's largest consumer of oil. The global financial system is currently amid its worst crisis since the Great Depression. Oil prices moved up marginally in Asia to settle at US$67.50 for New York's main contract, light sweet crude for December delivery. Brent North Sea crude for December delivery rose to US$65.26. Though major OPEC players are backing a cut in output so that oil prices get a lift, the inclination of oil kingpin Saudi Arabia, remains under cover. The final decision will be arrived at after carefully weighing the effects on both consumers and producers affected by the global financial crisis.
23-Oct-08 
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