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OPEC not considering emergency meeting: OPEC spokesman
AFP
VIENNA
Petroleumworld.com 09 27 06
OPEC is not considering an emergency session ahead of its regularly scheduled December 14 meeting, despite plummeting prices for crude, a spokesman said Tuesday.
"There is really no meeting planned as of now. The (OPEC) president is always in consultations with the other ministers and they're discussing the matter but there is no emergency meeting scheduled," the spokesman said.
The Organization of Petroleum Exporting Countries would meet in emergency session if it wanted to reduce its production quotas in order to stabilize prices.
OPEC kept the quotas steady at a total of 28 million barrels per day (bpd) at its last meeting, in September in Vienna, but said its president could call an emergency meeting if necessary.
The next meeting is scheduled to be held in Abuja, in Nigeria.
"Of course the president is always consulting with the ministers so consultations are definitely ongoing but there is nothing scheduled as another meeeting before Abuja yet," the spokesman said.
But he said that such a special session was "not excluded".
He said: "It was mentioned in the last meeting that if it was deemed necessary, they would convene an emergency meeting but it has not been the case yet."
Oil prices stabilized on Tuesday after choppy trading on Monday when crude sank beneath 60 dollars per barrel on fading supply tensions, dealers said.
New York's main contract, light sweet crude for delivery in November, gained just two cents to 61.47 dollars per barrel in electronic deals before the official opening of the US market.
The contract had sunk to 59.52 dollars on Monday, the lowest level since March 8.
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AFP 26 0922 GMT 09 06
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