OPEC to hold special meeting in Cairo on November 29
AFP - 1 hour 46 minutes ago
VIENNA (AFP) - - OPEC will hold a special meeting in Cairo on November 29 a spokesman for the organisation said on Friday amid some pressure in its ranks, notably from Iran, for a new output cut to hold up prices.
"We confirm the Cairo meeting," the spokesman said, adding the gathering would last only a day.
The Organization of Petroleum Exporting Countries agreed on October 24 to reduce production by 1.5 million barrels a day from November 1, but prices have continued to slide since.
The November 29 date had been reported by Algeria's APS news agency which said that members of the OPEC cartel would gather on the sidelines of a meeting by the Organization of Arab Petroleum Exporting Countries (OAPEC).
Iran indicated on Friday it would back any move for a further cut in OPEC production at the Cairo meeting, the Iranian press agency Mehr reported.
The cartel will also meet in Oran, Algeria on December 17, as scheduled.
Oil prices fell in London on Friday.
The price of benchmark light sweet crude for December delivery fell by 82 cents to 57.42 dollars a barrel. The price of Brent North Sea crude for January delivery fell by 99 cents to 55.25 dollars.
The International Energy Agency reported on Thursday that global demand for oil is being severely crimped by the effects of approachinhg recession.
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OPEC will hold a special meeting in Cairo on November 29. The oil cartel will hold a special meeting in Cairo on November 29 a spokesman for the organisation said on Friday amid some pressure in its ranks, notably from Iran, for a new output cut to hold up prices.
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