The OPEC oil-producing cartel is worried about a 'collapse' of oil prices, amid weakening world demand and high stock levels, its president Chakib Khelil said today.
Speaking ahead of tomorrow's meeting in Vienna of the 11-member cartel, he said there was already a glut of oil on the market. There are 'high inventories, high stocks, demand is weakening. So everybody is worrying. We are worried about a collapse in prices,' he said.
The Organisation of Petroleum Exporting Countries (OPEC), which produces 40% of the world's crude, is widely expected to maintain its production at current levels at the meeting tomorrow.
The gathering was called only a month after OPEC's last conference in Vienna, in order to discuss Iraq's suspension of its oil exports in a row over UN oil-for-food sanctions against Baghdad.
