AFP reported that OPEC could meet before March 2009 if Brent crude oil prices fall to below USD 40 per barrel.

Angolan weekly newspaper O Pais quoted Mr Jose Botelho de Vasconcelos president of OPEC as saying that he only expected the next gathering of the 12 member OPEC to take place, as planned, in Vienna on March 15th 2009, he added the group could meet sooner if oil prices suddenly dropped.

Asked whether a fall in the price of Brent crude oil to below USD 45 per barrel would trigger an OPEC meeting before March 2008, he said that "We admit it could happen if oil prices drop below USD 40 per barrel."

The latest cut by OPEC helped oil prices recover from recent lows, although prices remain much below the head of OPEC's 2009 target of USD 75 per barrel, a price Mr Botelho de Vasconcelos says is necessary for oil exploration to be viable.

London Brent rise USD 2.98 to USD 48.37 a barrel on January 23rd 2009 and US crude settled up 2.80 at USD 46.47 per barrel.

He added that other oil producing nations, such as Russia, Azerbaijan and Norway, which don't belong to OPEC, were welcome to join as this would increase the impact of the decisions taken by the cartel. He noted that "They have been invited. They have participated (in OPEC meetings. It is in the interest of everyone that oil prices reach a certain level."

(Sourced from AFP)