CAIRO -- The Organization of the Petroleum Exporting Countries (OPEC) opened its consultative ministerial meetings here Saturday to discuss how to shore up oil prices amid a looming global recession.
The closed session is held in preparation for a special ministerial-level meeting in the western Algerian town of Oran on Dec. 17.
Oil prices witnessed sharp drops in recent months. On Friday, oil price stood at about 54 U.S. dollars a barrel, declining by some 60 percent from more than 147 dollars a barrel in mid-July.
The OPEC decided to cut oil output by 1.5 million barrels per day in late October and is to discuss further oil output cut at the upcoming extraordinary ministerial meeting.
The participants of the meeting on Saturday was also expected to discuss the impacts of current global financial crisis and means of dealing with it.
The meeting was held on the sidelines of a conference gathering the oil ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC).
During the OAPEC meeting, Arab oil ministers reached an agreement to launch a comprehensive study to evaluate the impact of current global financial crisis on Arab petrochemical industries.
The closed session is held in preparation for a special ministerial-level meeting in the western Algerian town of Oran on Dec. 17.
Oil prices witnessed sharp drops in recent months. On Friday, oil price stood at about 54 U.S. dollars a barrel, declining by some 60 percent from more than 147 dollars a barrel in mid-July.
The OPEC decided to cut oil output by 1.5 million barrels per day in late October and is to discuss further oil output cut at the upcoming extraordinary ministerial meeting.
The participants of the meeting on Saturday was also expected to discuss the impacts of current global financial crisis and means of dealing with it.
The meeting was held on the sidelines of a conference gathering the oil ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC).
During the OAPEC meeting, Arab oil ministers reached an agreement to launch a comprehensive study to evaluate the impact of current global financial crisis on Arab petrochemical industries.
