Opec confirms April 24 meeting

LONDON - Opec confirmed yesterday that it would hold an emergency meeting of oil ministers next week to discuss cutting supplies and preventing a further drop in world oil prices.


Published: Wed 16 Apr 2003, 12:34 PM

Last updated: Wed 1 Apr 2015, 7:41 PM

Prices have slumped by 30 per cent in a month on a rising tide of exports from US ally Saudi Arabia and other group members, to cover for war-hit Iraqi supply. "The market remains well supplied at the moment, but this could pose problems in the next few months when demand is projected to fall quite considerably," Opec Secretary-General Alvaro Silva said, confirming the April 24 meeting in Vienna. Opec's reference price is now hovering around its target level of $25 per barrel, having topped $33 last month.

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