OPEC MEETING

OPEC ministers will meet on Wednesday in Qatar to prevented a crash of most crude producing economies by agreeing to increase existing output targets due to the Libya conflict. The decision finally reflected concern for the world economy and a belief production curbs so far have begun to take away some of the over-supply from oil markets. Barack Obama, president of the world's biggest energy consumer the United States, called Saudi King Abdullah last week. The White House did not disclose the contents of the call, but analysts said the timing was significant. They predicted leading OPEC producer Saudi Arabia would not want to be seen to be destabilizing the world economy . The International Energy Agency (IEA), which advises consumer countries, in a report on Friday said the OPEC supply needs urgently to increase production or the world recessing will be aggravated, crude demand will fall more than 7% this will cause a OPEC "CRASH" from which the, cartell will never recover.