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General News    H3'ed 5/21/10

Psychological Plunge in Oil Prices Makes OPEC Nervous, Official Says

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Qatar, one of the world's leading producers of natural gas, is a relatively small oil producer, but is closely allied with the main Gulf producers Saudi Arabia, Kuwait and United Arab Emirates.

Concern about the future of the joint European currency continued to batter financial and commodity markets on Monday, as prices fell and the euro declined further against the dollar and other currencies.

At a meeting of the Arab OPEC members earlier this month, Kuwaiti oil minister Ahmad Abdullah Al-Sabah said a price below $65 a barrel would "ring a bell" for the oil cartel and could prompt them to hold an emergency meeting ahead of the next scheduled meeting Oct. 14.

OPEC could react to a low price by cutting production, as it did in 2008 when the financial crisis lowered demand and sent oil prices plunging.

Source: http://oilprice.com/Energy/Oil-Prices/Psychological-Plunge-in-Oil-Prices-Makes-OPEC-Nervous-Official-Says.html

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