OPEC will discuss “cutting production” in its extraordinary meeting in November if it saw it as necessary to balance demand and supply, Qatar’s Oil Minister Abdullah al-Attiyah told Al Arabiya television.

The meeting will be “dedicated to discussions of the impact of the global financial crisis on the oil market”, Attiyah said late on Thursday.

Attiyah warned of a “huge decline” in crude oil prices if OPEC did not devise a quick plan to counter the impact of the global financial crisis.

(Rigzone & Xinhua)