World oil prices moved tentatively higher today on news that Saudi Arabia sees OPEC moving quickly to defend oil prices.
Brent crude futures were last trading 50 cents higher at $23.29 after dipping to a 23-month low of $20.70 on Wednesday because of a gloomy outlook for oil demand amid growing signs of recession. US light, sweet crude was up 54 cents at $23.28.
Saudi Oil Minister Mr Ali al-Naimi said today he believed OPEC would cut oil production again before its next meeting in mid-November, possibly by more than 500,000 barrels a day, if crude prices did not stage a recovery before then.
Faced with a teetering global economy, OPEC producers yesterday ratified an agreement that leaves OPEC oil supply limits unchanged - despite the fact that prices have dropped below their $22-$28 target band for four days running.