OPEC plans crisis session to avert oil price collapse

Eight OPEC ministers agreed Sunday to hold a crisis meeting of the organization Jan. 23 in Geneva to head off a possible oil price collapse. Saudi Oil Minister Sheikh Ahmed Zaki Yamani said there was a good chance of agreeing to share the dwindling oil market.

Iraqi Oil Minister Qassem Ahmed Taqi said that what he called the rule-abiding majority in the Organization of Petroleum Exporting Countries might cut prices to restore flagging sales unless other members stopped breaching price and output accords.