Opec Fretting Over Falling Price Of Oil

The falling price of crude oil has alarmed OPEC and some if not all of the ministers are expected to meet this month to discuss the matter, Dow Jones Newswires reported Thursday.

OPEC has declined comment on any emergency session, even though the group’s average oil price dropped earlier this week to $14.17 per barrel, nearly $7 short of the official OPEC target.

Too much production by OPEC members and lower demand thanks largely to the economic crisis in Asia have pushed prices to a two-year low, analysts say.

Dow Jones said a committee of OPEC ministers who monitor overproduction will meet at the group’s headquarters in Vienna.

Almost all of the 11 oil ministers of the Organization of the Petroleum Exporting Countries are likely to be present, one source said on condition of anonymity.