The cartel's next regular meeting was scheduled for December 17 in Oran, Algeria.
The agenda of the emergency meeting will include the global financial crisis, the world economic situation and the impacts on the oil market.
The organization is determined to ensure that oil market fundamentals are kept in balance and market stability is maintained.
Commenting on the oil situation, Libya's oil minister, Shukri Ghanem, noted that: "Producer countries face a double problem: the fall in oil prices and the fall in the value of investments because of the world financial crisis."
As oil prices continue to fall down, OPEC members will probably cut oil output even more than that, agreed on at September 9-10 meeting, to protect their incomes if crude prices continued to trade at current levels.
Author: Ksenia Kochneva
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OPEC Emergency Meeting in Vienna November, 18
OPEC memebers are worried over the effects of the global financial crisis on crude prices
