Plunging oil prices start to rattle OPEC members

18-Nov-14

Oil prices firmly continue their downward slide and plunge below US$80 a barrel. This seems to be unnerving several Organization of the Petroleum Exporting Countries (OPEC) members, with calls increasing for definite action at it's crucial next meeting on November 27. Kuwait and Iran raised concerns about oil's worrying lows. Kuwait's cabinet and the country's Supreme Petroleum Council held an "extraordinary" joint meeting Sunday to consider measures to stop the slide in prices. This comes as a surprise considering the country's earlier statements of confidence in a rebound of prices and that there was no reason to panic.