Vienna - The Organization of the Petroleum Exporting Countries (OPEC) scheduled a special meeting in November, as the cartel's crude price remained below 80 dollars for the second day in a row on Thursday.

One barrel (159 litres) of OPEC crude stood at 78.25 dollars Thursday, rising 0.87 dollars from 77.38 dollars on the previous day, according to figures released by the cartel on Friday.

OPEC oil ministers will meet in Vienna on November 18 "to discuss the global financial crisis, the world economic situation and the impacts on the oil market," the organization said in a statement.

Since the last meeting on September 10, when the group agreed to cut overproduction exceeding the agreed output quotas, the OPEC crude price has dropped by 18.54 dollars per barrel.

At that gathering, several members including Iran had asked for lowering output quotas to prop up prices.

"The organization is concerned about the deteriorating economic conditions with contagion risks," the statement said.

OPEC calculates an average basket price based on 13 important brands produced by its members. (dpa)