Opec, Russia Cancel Extraordinary Meeting In Madrid

The Organization of Petroleum Exporting Countries /OPEC/ and Russia cancelled an extraordinary meeting of the world's petroleum cartel and states - major oil producers to be held in Madrid Sunday, the statement of the OPEC General Secretariat in Vienna says, RIA Novosti correspondent reports. The OPEC directorship was not satisfied with the level of the meeting for only the Russian Ambassador to Madrid was to represent Russia, the statement notes. Mexico also denied to send its Secretary of Energy, Iranian Minister of Petroleum Bijan Namdar-Zanganeh refused to arrive in Madrid in the last minute. Minister of Energy and Mines of Venezuela Alvaro Silva Calderon is a member of the delegation headed by the president to leave for a three-day European tour Sunday. So, only the OPEC President, Minister of Energy and Mines of Algeria Chekib Khalil and OPEC Secretary-General Ali Rodriguez-Araque could be present at the meeting in Madrid of all the applied world top oil officials. The spokesmen for the OPEC General Secretariat in Vienna admit the possibility of such meeting being held, not necessarily in Madrid, and even before the beginning of the 118th Vienna extraordinary conference of the OPEC energy and petroleum ministers scheduled for November 14. This meeting is caused by the difficult situation in the world's raw materials market and the sudden drop of crude oil prices after the terrorist attacks on the USA.