OPEC has called an emergency summit for 18 November ‘to discuss the global financial crisis, the world economic situation and the impacts on the oil market’. Its president, Chakib Khelil, added that it was ‘very likely’ they would cut output. This morning’s price is already down to $80/bbl, with US total products demand down 8.6% in the last month as recession bites. OPEC could well be trying to hold the floor at $50/bbl by the time they meet, unless conditions in financial markets improve quickly.
