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    Monday, October 20, 2008

    OPEC moves up emergency meeting to Friday

    LONDON — OPEC, alarmed by the drop in oil prices, has advanced its emergency session to Oct. 24.

    OPEC said its special ministerial session would be brought forward from Nov. 18 to Oct. 24. Officials said OPEC would cut crude oil production by at least one million barrels per day in an attempt to stabilize prices, Middle East Newsline reported. "I think it is absolutely scandalous that OPEC is thinking of meeting in the next few days to cut oil production so they can push up the price of oil again and we will certainly try and prevent this happening," British Prime Minister Gordon Brown said on Oct. 17.

    Also In This Edition

    NORTHEAST ASIA:

    South Korean growth at seven-year high

    Mideast / S. Asia:

    Israel: commandos seize Hizbullah-bound arms ship

    AFRICA/EUROPE:

    Nigeria signs $875 million railway deal with China

    Western leaders have warned that an oil production cut would jeopardize economies around the world. A report by Standard Chartered Bank said the Gulf Cooperation Council would be harmed by the global credit crisis.
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