|Opec is likely to cut oil production when the group meets in Vienna on Friday [EPA]|
The head of the Organisation of the Petroleum Exporting Countries (Opec) has said that the organisation must order a “substantial” cut in oil production when the group meets in Vienna next week.
The emergency meeting in the Austrian capital on October 24 will discuss the impact of economic weakness on oil markets.
From earlier predictions of oil hitting $200 a barrel, prices plunged to their lowest in 17 months on Friday, losing more than half of their value.
Inside Story asks who is responsible for the drop in oil prices and if it is related to the current financial crisis.
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This episode of Inside Story aired on Sunday, October 19, 2008