OPEC Confirms Emergency Meeting in Vienna on April 24th

The Organization of the Petroleum Exporting Countries (OPEC) confirmed it would hold an emergency meeting on April 24 in Vienna. The cartel is expected to debate possible production cuts following a plunge in prices from a late February peak of almost 40 dollars a barrel for U.S. crude.

"It's definitely the 24th," an OPEC spokesman said in London clearing up uncertainty over possible dates for the meeting. OPEC president Ali al Attiyah proposed the meeting after oil prices slumped by 30 percent within a month. OPEC members had agreed on a meeting but had not been able to agree on a date.

The cartel had been making good on their pledge to make up for any shortfall in the market that might be caused by the war in Iraq and have been producing well above their 24.5 million barrel-a-day official quota.