Official: OPEC to Cut Production Next Year

CAIRO, Egypt (AP) — OPEC will cut back on oil production early next year in a bid to stave off a further decline in the world price, Kuwait’s oil minister said Thursday. The comments by Sheikh Ahmad Fahad Al-Ahmad Al Sabah revealed what delegates to the Organization of Petroleum Exporting Countries had agreed in informal discussions ahead of their formal meeting on Friday. Asked when the cut in production would start, Al Sabah said: “Everyone has committed for next month, maybe to start from February.”

http://biz.yahoo.com/ap/041210/opec_meeting_1.html