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OPEC to Discuss Cuts in Oil Production


Some members of the Organization of Petroleum Exporting Countries are calling for cuts in oil output.

The comments come as officials of the 11 member cartel gather in Cairo for a meeting Friday to discuss oil supplies and prices. OPEC supplies about 40 percent of the world's oil.

Oil prices have fallen significantly from their record highs in October, and economists say a reduction in oil output would put upward pressure on prices.

Crude prices soared this year due to strong demand from China and the United States amid worries that political problems, violence, or bad weather would disrupt oil supplies in some key producing nations.

OPEC oil output has been close to 25-year highs, and exceeds the cartel's self-imposed production quotas.

Some information for this report provided by AFP and AP.

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