OPEC's price monitoring committee ended a two-day emergency session Monday by calling for prompt action to reverse the sharp decline in world oil prices but stopped short of calling for a special meeting of the full 13-member cartel. In a communique released at the conclusion of the meeting, the oil ministers also said it was essential that a joint meeting of the price committee and the Long-Term Strategy Committee be held to review existing OPEC strategies and objectives. ``No lasting stability in the world oil market can be achieved without concrete cooperation by the non-OPEC oil producing countries and their contribution in regulating world supplies of oil in line with demand,'' the price committee said. OPEC Secretary General Subroto of Indonesia, speaking to reporters at a news conference following the meeting, underscored the committee's statement saying the cause of the recent fall in oil prices was ``mainly due to a significant overproduction of some OPEC countries as well as non-OPEC oil producers.'' Subroto said the ministers would decide after the joint meeting whether a special session of the Organization of Petroleum Exporting Countries should be called before its regularly scheduled meeting Nov. 21 in Vienna. Oil futures prices on the New York Mercantile Exchange, which had risen earlier in the day, began falling immediately after Subroto's statements then recovered slightly, analysts said. One broker said Subroto's comments were interpreted as indicating OPEC was unwilling to take immediate action to restrain oil output and boost sagging oil prices. The meeting of the price committee was called in response to the recent slump in world oil prices, which earlier this month hit their lowest level since the summer of 1986 when they fell below $10 a barrel. According to many analysts, sagging prices represent the failure of nearly all OPEC members to respect production quotas. The secretary general did not give specific dates for the joint meeting except to say it would probably be held in October. Subroto said Iran and Iraq are to speak directly with each other at the Long-Term Strategy Committee for the first time in years within OPEC. He downplayed the significance of such a meeting, however, saying it was normal that their respective oil ministers should speak since their foreign ministers began meeting last month in peace talks. The Long-Term Strategy Committee is comprised of OPEC's founding members, including: Iran, Iraq, Saudia Arabia, Algeria, Venezuela and Kuwait. Subroto said Iran and Iraq have both confirmed their attendance at the joint session. Saudi Arabia, Venezuela and Algeria also are members of the price committee, along with Nigeria and Indonesia. Since the last price committee meeting Aug. 3 in Lausanne, Switzerland, a cease-fire between the two countries in their eight-year Gulf War has begun to hold. The Price Evolution Committee, as the price committee is officially named, is an influential panel that studies price developments and compliance with OPEC policies, namely production quotas, by OPEC members, although it has no enforcement powers. The committee may, however, call for special meetings of all 13 OPEC members. The committee said it also examined during the emergency session in the Spanish capital a report prepared by the Vienna-based OPEC Secretariat on current market conditions as well as a report presented by Subroto on the outcome of his recent visits to various OPEC and non-OPEC oil producing countries. The Paris-based International Energy Energy Agency reported OPEC production at 19 million barrels a day in August and OPEC President Rilwanu Lukman has put OPEC production at closer to 20 million barrels per day. Last June, OPEC set a 15.06 million barrel a day ceiling to apply to all OPEC nations except Iraq, which has refused to go along with OPEC quotas, saying it needs to produce more oil to rebuild its war-torn economy following eight years of fighting with Iran. On Monday, North Sea Brent crude for delivery in October was quoted at $13.25, up slightly from Friday.
