Nigerian Official: OPEC Drops Meeting
Sunday October 15, 9:51 am ET
By Dulue Mbachu, Associated Press Writer
Nigerian Official: OPEC Drops Plans for Emergency Meeting in Qatar
LAGOS, Nigeria (AP) -- The Organization of Petroleum Exporting Countries has dropped plans to meet on Thursday in Doha, Qatar, to discuss output cuts, a spokesman for its current president and Nigerian oil minister Edmund Daukoru said Sunday.
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"They were supposed to have met ... but it is no longer so," Peter Ogbonnaya, the minister's spokesman, told The Associated Press. A new date will be decided, he said, but would not give further details or reasons for the change.
Last week, the OPEC president said members agreed to trim global production by 1 million barrels a day to boost prices. Daukoru said then that the group was considering an emergency meeting to discuss how to share the cuts. Ogbonnaya said this was the meeting that had been set for Oct. 19 in Doha.
The next scheduled OPEC meeting is in December.
Oil prices have fallen sharply in recent weeks from their mid-July high of US$78.40 on the New York Mercantile Exchange.
The last time OPEC trimmed its output -- by 1 million barrels a day -- was December 2004 when oil traded slightly above US$40 a barrel.
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