Opec meet today as oil dips to $60

KARACHI - The Organisation of Petroleum Exporting Countries (OPEC), famous as an oil cartel in the world, has called an emergency meeting today (Friday) in Vienna to discuss the falling crude oil prices and to firm up a strategy to boost prices, it was learnt. The meeting was originally scheduled to be held in November, but the OPEC is holding it earlier than the schedule as prices have tumbled to the bottomline in just three months, after hitting the highest benchmark of $144 a barrel in July this year. The OPEC Secretary General Abdalla Salem El-Badri said that following consultations with the President of the OPEC Conference and colleague Ministers, it has been decided to re-schedule the Extraordinary Meeting of the OPEC Conference. This will now take place at OPEC Headquarters, Vienna, on Friday 24th Oct 2008, rather than on 18th November 2008, as previously announced. Sources said that for the past couple of months the OPEC members are trying to maintain the crude oil prices in the range of 100 dollars a barrel, but the prices are plummeting everyday amid reports of deepening global financial crisis and expected slowdown in the economic growth in the world. From July to Oct 23, 2008, the OPEC's crude oil prices have tumbled by over 58pc, from 144 dollars/barrel to 60 dollars/barrel on Thursday. But the Pakistan government had not bothered to share this big slump in crude oil prices with the consumers that had been disappointing for the consumers and the voters of the coalition governments in the center and in the provinces. The recent hike in power tariff had further irritated the people throughout the country and they have come on roads and streets this week to express their discontentment with the government's anti-consumers approach. AFP adds: Oil prices rose on Thursday, pulling away from 16-month low points. On Thursday, Brent North Sea crude for Dec delivery gained 1.38 dollars to $65.90. New York's main contract, light sweet crude for Dec delivery, rose $1.37 to $68.12.

ePaper - Nawaiwaqt