ALGIERS, Oct 8, 2008 (AFP) - OPEC plans to hold a special meeting next month to discuss the world oil market in the light of the world financial crisis, the Algerian news agency APS reported Wednesday.

It said the meeting would take place at the headquarters of the Organisation of Petroleum Exporting Countries in Vienna on November 18, a month earlier than the special conference planned on December 17 at Oran in western Algeria.

Oil prices Wednesday trimmed losses and pulled away from one-year lows after major central banks slashed interest rates in a coordinated move aimed at rescuing the flagging global economy.

Prices had tumbled to 12-month lows as plunging stock markets stoked fears of slowing economic growth and in turn weaker global demand for energy, traders said.

The continuing volatility of world financial markets may force OPEC to take action, the cartel's vice president, Ecuador's Oil Minister Galo Chiriboga has said.

In September OPEC decided to cut its production of 520,000 barrels of oil per day, to sustain oil prices above 100 dollars a barrel, but they have since dropped below that figure.