Saudi Arabia Calls for Production Cut

Saudi Arabian Oil Minister Ali al-Nuaimi said that a production cut of two million barrels per day of crude oil was needed in order to stabilize world prices. He wants a cut that will make supply and demand more balanced. Therefore, he believes that a cut of approximately two million barrels would achieve that goal. Al-Nuaimi's statement came on the eve of a meeting of ministers of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, where they are expected to agree to a fourth cut in output this year to rescue prices.