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OPEC to hold emergency meeting on oil prices
More Business News NEW YORK -- OPEC will hold an extraordinary meeting Nov. 18 to discuss how the widening global financial crisis is affecting oil prices.
In a statement today, the Organization of The Petroleum Exporting Countries said it's concerned about how the crisis is hampering global economies and world oil markets.
Oil prices have fallen about 40 percent since soaring to a record $147.27 on July 11 as a global financial downturn forces people and businesses everywhere to cut back on energy use.
Analysts have predicted OPEC might use the meeting to announce a production cut in a bid to keep prices from falling further.
Light, sweet crude for November Delivery fell another $1.85 to $87.10 a barrel in midday trading on the New York Mercantile Exchange.
Posted by david27271 on October 9, 2008 at 2:55 p.m. (Suggest removal)
Yea, I'm sure OPEC is scrambling to find a way to jack up the oil prices. I will be so glad when we as Americans are independent of oil from foreign nations. $700 billion a year is a little hard to swallow. Screw OPEC.
Posted by tcat on October 9, 2008 at 4:28 p.m. (Suggest removal)
OPEC is getting ready to cut production keep the price up. But what do you want to bet the democrats will blame the American Oil Companys if the price drifts back upward.
Posted by whatif on October 9, 2008 at 8:36 p.m. (Suggest removal)
It's not $700 Billion and the oil companies borrow money to, OPEC will cut production for a short time and then it will be a free for all.
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