Oil prices slipped to their lowest level on the NYMEX since August 2007 after the United States government announced rising supplies and a drop in consumption against the backdrop of the global financial crisis.
The U.S. energy department said that stockpiles of petroleum had risen 6.97 million barrels last week, which is roughly twice as high as had been forecast.
"Following consultations with the president of the OPEC Conference and colleague ministers, it has been decided to re-schedule the extraordinary meeting of the OPEC Conference," the cartel said.
"The Organization is concerned about the deteriorating economic conditions," it said in a statement adding the meeting has been bought forward from November 18 to October 24.
OPEC's 13 member states are Algeria, Angola, Venezuela, Indonesia, Iran, Iraq, Qatar, Kuwait, Libya, Nigeria, the UAE, Saudi Arabia and Ecuador. The countries account for around 67% of global proven oil reserves and 42% of global oil output.
Russia's daily oil output stands at around 10 million barrels, or about 12% of global production, close to the level of leading producer Saudi Arabia.
Deputy Prime Minister and Finance Minister Alexei Kudrin said in September that the price of Russian oil was not expected to dip below $70 per barrel. He said if it did, Russia's financial system could be jeopardized.
