MercoPress. South Atlantic News Agency

Oil below 90 USD prompts OPEC emergency meeting

OPEC is consulting on whether to hold an emergency meeting on November 18 to discuss the impact of the global financial crisis on the oil market, Libya's top oil official said on Wednesday.

The Organization of Petroleum Exporting Countries' next scheduled conference is on December 17 in Algeria. "There could be. That is what we are consulting on" said Shokri Ghanem chairman of chairman of Libya's National Oil Corporation. Earlier on Wednesday, Algerian state news agency APS, quoting an unnamed source, said there would be an OPEC meeting on that date in Vienna. Nigeria said on Wednesday that OPEC may need to intervene to balance the oil market if the price of crude continues to slide, making it the latest OPEC member to voice concern about the impact of the global financial crisis. "There may be a need to intervene to balance the market if the price slide seemingly predicted on (lower) demand and over-supply continues" Nigerian Oil Minister Odein Ajumogobia was quoted in Lagos. Iraq's oil minister said on Wednesday that OPEC may need to consider cutting oil output if the price of crude remains below 90 USD. Oil fell by more than 4 US dollars to a 10-month low on Wednesday as expectations mounted that the international financial crisis would have a major impact on demand for energy. It later pared some of its losses to trade at around 89 USD. The Unites States Energy Information Administration on Tuesday lowered its forecast for world oil demand growth in 2009 versus 2008. The agency cut its forecast by 140,000 barrels per day from its estimate published last month.