OPEC to cut production by 2 million barrels, says Saudi Arabia

Saudi Arabia’s Oil Minister Ali al- Naimi said Tuesday the Organization of the Petroleum Exporting Countries (OPEC) will cut production by about 2 million barrels a day.

• “Supply is exeeds the normal on the market compqred to demand,” and “Inventories are also higher than normal, therefore to bring things in balance there will be a cut in production of about two million barrels,” al- Naimi told reporters in Algeria.
• “Of course, to bring things in balance, there will be a cut … to the tune of about 2 million barrels,” he said.
• OPEC members supported by non-member Russia are likely to decide an important output cut when it holds an extraordinary meeting on Wednesday in Oran (west of Algeria).