OPEC To Hold Emergency Meeting To Discuss Possible Production Cut

October 9, 2008 3:25 p.m. EST

New York, NY (AHN) - The Organization of Petroleum Exporting Countries said Thursday it will meet Nov. 18 to discuss a possible production cut. OPEC was not scheduled to meet again until Dec. 17 in Algeria.

The emergency meeting will take place in Vienna. According to a statement on the organization's website; OPEC plans to discuss the global financial crisis, the world economic situation and the impacts on the oil markets.

Crude oil prices have plummeted since they hit an all time high of $147 on July 11. The OPEC news did little to rally the commodity on Thursday as it fell $2.45, settling at $86.50 a barrel, marking another yearly low.

Investors are not convinced that an OPEC production cut will stabilize oil prices. Just a month ago the organization slowed production 520,000 barrels a day, but the commodity has continued to fall as weekly inventories continue to rise.

This week, the EIA dropped its 2009 global oil demands by 140,000 barrels a day.