OPEC ministers began preliminary talks in Geneva.

Saudi Arabian Oil Minister Sheik Ahmed Zaki Yamani and Kuwaiti Minister Ali Khalifa Sabah met in preparation for OPEC’s crisis conference next week on cutting production to reverse slumping prices. Meanwhile, United Arab Emirates Oil Minister Mana Said Oteiba said in an interview that the Organization of Petroleum Exporting Countries has no alternative but to pursue an oil price war until rival producers agree to reduce output. Although members generally agree that sharp output cuts must be enforced to reduce supply and thus boost prices, analysts as well as many OPEC sources see little likelihood of an agreement in Geneva.