OPEC leaders announced today that they will hold an emergency meeting session on November 18, 2008 in Vienna, Austria. The emergency meeting was called in response to the growing financial crisis and its impact on oil in world markets. OPEC members last met on September 9, 2008 and agreed to leave production limits unchanged while reining in oversupply. The next meeting was not scheduled until December 2008, but OPEC's Vienna secretariat released a statement on behalf of the cartel stating that, "In response to growing unease, OPEC will meet November 18, 2008 to address growing unease in global oil markets. The purpose of the meeting is to ensure that oil market fundamentals are kept in balance market stability is maintained." While no official planes have been released for the meeting, Qatari oil minister Abdullah al-Attiyah said a supply cut is indeed a possibility. At the meeting, Venezuela, the world's 9th largest oil producer wants OPEC to adopt a system of price bands to stem wild fluctuations in oil prices.
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