ALGERIA 17 December 2008 OPEC ministers meet 

The ministers of the Organization of the Petroleum Exporting Countries are unlikely to set the agenda for this 150th Extraordinary meeting in Oran until the economic picture is clearer in the world's biggest energy consumer. Falling demand has sent oil prices below US $50 per barrel,from a high of nearly US $150. Though OPEC production cuts to prop up prices are inevitable, the ministers might choose to keep the cuts gentle for fear of reducing demand farther.

Price instability is always a concern at OPEC, and it's been exacerbated by financial turmoil in the United States. Extreme price swings have become commonplace.

OPEC's 13 members agreed to pump 32.6 million barrels per day in September, down from a revised 33.4 million bpd.

OPEC President Chakib Khelil speculated in September that oil prices might rise as investors hedge against a depreciating US dollar. UPDATED Nov/08

RELATED READING:

NYMEX: Crude up on supply worries ahead of data (Reuters 24 Sep 2008)
http://www.reuters.com/article/marketsNews/idUSN2435529820080924?pageNumber=2&virtualBrandChannel=0

Crude Oil Declines on Concern U.S. Bailout Plan May Be Delayed (Bloomberg 26 Sep 2008)
http://www.bloomberg.com/apps/news?pid=20601116&sid=aiqArYbZWirk&refer=africa

OPEC
http://www.opec.org/home/