The Organization is concerned about the deteriorating economic conditions with contagion risks.
The subprime mortgage problems that have been observed for a long time have created a shock wave in financial institutions resulting in huge losses, and escalating credit squeeze which has turned into a deep financial crisis.
The continuing turmoil in the financial market has spread to many regions and created even more uncertainties for the world economy.
Amid growing unease over this situation, the Organization of Petroleum Exporting Countries has decided to hold an Extraordinary Meeting of the Conference on Tuesday, 18 November 2008, in Vienna to discuss the global financial crisis, the world economic situation and the impacts on the oil market.
The Organization reiterates its determination to ensure that oil market fundamentals are kept in balance and market stability is maintained.
Organization of the Petroleum Exporting Countries
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