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OPEC to meet as prices plummet

October 10, 2008|From Times Wire Services

With crude oil prices falling about 40% since their mid-July peak, OPEC said it would hold a meeting in Vienna on Nov. 18 to discuss the effects of the global financial crisis. The conference could lead to a coordinated production cut in an effort to halt crude's steep losses, analysts said.

The Organization of the Petroleum Exporting Countries hinted that such a decision might be coming, saying it would work "to ensure that oil market fundamentals are kept in balance and market stability is maintained."

On Thursday, the head of Libya's national oil company, Shukri Ghanem, called on oil nations to cut output to "protect their interest [and] stop the loss of income."

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