Egypt called a meeting for today in...
Egypt called a meeting for today in London of experts from non-OPEC oil producers to discuss the new slide in world oil prices, Oil Minister Abdel-Hadi Kandil said. Kandil said Egypt would be prepared to cut back its output only if members and non-members of the Organization of Petroleum Exporting Countries acted jointly to curb production. He warned that failure to address the slide could lead to a repetition of 1986, when oil prices fell below $10 a barrel. World oil prices have slumped in the past two weeks and are now about $4 below OPEC’s benchmark price of $18 a barrel.
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