OPEC to hold emergency meeting

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The OPEC logo and flag at the cartel's headquarters in Vienna.(AFP/File/Barbara Gindl)

Meanwhile, US crude dropped further on Wednesday: to two dollars below the danger mark.

A number of senior OPEC officials have been calling on Russia and other non-member states to join them in cutting production. But analysts say in the short term, even a sizable cut may not be enough to halt the

momentum that has pushed prices down by more than 50 percent from a record high in July.

Analysts also think the group may have difficulty enforcing any reduction. Some of its members have been reluctant to limit exports even when the price is falling, because their economy depends on oil revenue.

The emergency meeting is scheduled to take place on Friday.

Editor:Zhang Pengfei