OPEC will meet to deal with oil prices.
Leaders of the Organization of Petroleum Exporting Countries announced they will hold an emergency meeting Nov. 18 after the price of global crude oil fell temporarily below $80 per barrel for the first time since October 2007, The China Post reported.
Several OPEC leaders have mentioned the possibility of cutting production and exports in order to push the price of oil back up, though so far, the OPEC secretariat in Vienna has not commented on the discussion of production cuts.
In their announcement about the upcoming meeting that was released Thursday, OPEC leaders said they would meet to discuss the effects of the global economic crisis on the price of crude oil.
"Amid growing unease over this situation, the Organization of Petroleum Exporting Countries has decided to hold an extraordinary meeting ... on Tuesday, 18 November 2008," the announcement said.
OPEC leaders said it is their member countries that are pushing for a production cut, but they also have said that cutting production might only further nervousness about the commodities market and cause more worry and further decline in consumption.
However, according to the Leadership Nigeria Web site, ministers from several OPEC states have argued a cut in production would reflect the current sagging demand.
Libya to stop oil deliveries to Switzerland.
Officials in Libya announced it is halting its oil deliveries to Switzerland and wants to cut its oil production, Swiss Info reported.
Issam Zanati, director of the Libyan Tamoil company, reportedly said the decision to halt the oil supplies came from Libyan leaders and not from oil companies.
No answers have been given on whether the cutoff is temporary or not, and, if it is, how long it might last before service is restored.
The move comes three months after a diplomatic crisis erupted when one of the sons of Libyan leader Moammar Gadhafi and his wife were arrested in Geneva after reportedly mistreating their servants.
Not only did Libya halt its oil shipments, it pulled all its money out of Swiss banks. In addition, leaders have demanded that Swiss leaders should apologize, even though the charges were dropped and the servants withdrew their complaint.
The cutoff reportedly has not affected Switzerland's oil reserves. Oil will just be imported from other producers in the meantime, said Rolf Hartl, managing director of the Swiss Oil Association.
Switzerland imports about 20 percent of its oil from Libya, and Libya also owns one of Switzerland's two oil refineries and 320 of its filling stations.
Norway foresees gas production increase.
Norway's government released its projected 2009 oil and gas output, and its natural gas is expected to increase to 245 million cubic meters of oil equivalent from 236 million in 2008.
Norway's oil production, however, including natural gas liquids, was projected to fall next year to 139 million cubic meters of oil equivalent - or about 2.4 million barrels per day -- down from 140 million cubic meters this year.
Government leaders are not concerned about the decrease in oil production, however, because even with falling oil prices, the decrease is offset by oil prices and increasing gas production, Petroleum and Energy Minister Terje Riis-Johansen said in a statement.
Non-OPEC Norway claims to be the world's fourth-largest oil exporter and Western Europe's biggest gas exporter.
--
Closing oil prices, Oct. 10, 3 p.m., London
Brent Crude oil: $84.20
West Texas Intermediate crude oil: $89.28
--
(e-mail: [email protected])
