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OPEC holds urgent meeting in Vienna on oil output cut

(Xinhua)
Updated: 2008-10-24 15:45

VIENNA -- The Organization of the Petroleum Exporting Countries (OPEC) held an "extraordinary meeting" on Friday in Vienna, aiming to reach a deal on oil output cut.

Saudi Oil Minister Ali al-Nuaimi arrives at his Vienna hotel ahead of a meeting of the Organisation of Petroleum Exporting Countries (OPEC). OPEC President Chakib Khelil said Thursday that the oil producers' cartel will decide to cut production at an emergency meeting due in Vienna but was wary of worsening a global financial crisis. [Agencies]

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Ministers in charge of oil production from 13 OPEC members gathered here at the OPEC headquarters, exploring a consensus in a bid to address the slide of oil prices.

Prior to the one-day meeting, OPEC members were still divided over the output cut.

Iran, Libya and Venezuela called for "quick action" to cut the oil output so as to avoid price slide, while Saudi Arabia, the biggest oil exporter in the world, rejected any output cut.

Earlier on Thursday, the price of New York oil dived to a new 16-month  low in choppy trade.

New York's main contract, light sweet crude for December delivery, sank to as low as $65.90 dollars per barrel, which was last seen on June 13, 2007.

Just three months ago, the oil price hit record high of $147.27 dollars per barrel on July 11, 2008.

OPEC produces 40 percent of the world's oil and its official output quota stands at 28.8 million barrels per day.

By press time, the OPEC meeting is still going on.