Egypt to participate in OPEC oil talks

An Egyptian official will sit in on tomorrow's OPEC meeting in Vienna, which will discuss the stance in light of declining world oil prices.

Minister of Petroleum Sameh Fahmi will represent Egypt at the meeting. While Egypt is not an OPEC member, but like Mexico, Oman and Russia, it attends the cartel's meetings as an observer.

"Our participation will allow closer coordination with OPEC member states to maintain price stability in the interest of OPEC members and oil consuming during this delicate time," Fahmi said.

OPEC has called the meeting to discuss its response to falling world oil prices, which have reached 18-month lows.

A worldwide economic recession into oil demand and terrorist attacks in the US two weeks ago are expected to exacerbate the situation.