Official: OPEC to meet in special session Nov. 29

[November 14, 2008]  VIENNA, Austria (AP) -- An OPEC official says the group plans to meet in a special session Nov. 29 to consult on the rapid erosion of the price of crude.

The official said the 13-member producers' cartel will convene in Cairo on the sidelines of a previously planned meeting of Arab members of the group.

The official asked not to be named because the Vienna-based organization is not issuing a formal statement.

It comes just weeks ahead of a previously set Dec. 17 gathering in Oran, Algeria.

OPEC cut output by a daily 1.5 million barrels Oct. 24 in an attempt to stop the price slide but it continues, to below $58 on Friday.

[Associated Press]

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