OPEC May Cut Output to Hold Up Oil Price

Bloomberg News

The Organization of Petroleum Exporting Countries is ready to cut oil production to support prices before the group meets in September, officials from Saudi Arabia and other member nations said.

OPEC is concerned about waning oil-demand growth, in part because of slowing economies worldwide.

"All sources of information lead us to believe that we are heading for a crisis," Saudi Arabian Oil Minister Ali al-Naimi said at a news conference in Bonn, Germany, where officials are meeting for talks on global warming. "We will definitely do what is necessary to maintain the band and our target price."

The group reduced daily production quotas at its first two meetings this year by a total of 2.5 million barrels. OPEC left them unchanged at subsequent gatherings in June and this month.

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