OPEC set to trim oil output

OPEC countries will decide on a cut in output to ensure a balance between supply and demand, Saudi Oil Minister Ali al-Nuaimi said yesterday.

"OPEC [Organisation of Petroleum Exporting Countries] will decide on a reduction in its production in a way that will keep the price of crude at its targeted level of $25 (#26.89) a barrel and guarantee a balance between supply and demand," the Saudi minister said at the end of a three-way meeting in Riyadh with his Venezuelan and Mexican counterparts.