OPEC to hold emergency meeting

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Source: CCTV.com | 10-23-2008 08:40

As the global economic slowdown continues to reduce oil demand, OPEC ministers are under increasing pressure to cut back world supplies and protect prices.

Algerian Energy and Mines minister and OPEC president Chakib Khelil (C) talks to journalists as he arrives at his Vienna hotel.(AFP/Dieter Nagl)

OPEC's president says the organization must make its decision on global supplies soon.

Arriving in Vienna ahead of the group's emergency meeting, OPEC's president said the organization must not exacerbate the effects of the financial crisis in the worst-hit countries -- or among its own members.

Chakib Khelil, OPEC President, said, "One of our objectives is not to affect more these countries very low prices."

The 13-member organization announced last week that the emergency meeting would be moved up. IF oil fell below 70 US dollars.

On Wednesday, US crude prices dropped two dollars BELOW that danger mark.