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Posted AT 8:22 AM EST on 05/09/08

OPEC likely to trim oil supply

BARBARA LEWIS AND SIMON WEBB

Reuters

LONDON/DUBAI — Slower demand, an economic downturn and cheaper oil could convince OPEC it needs to trim supply unofficially, but the producer group is expected to leave public output targets unchanged when it meets next week. Prices have plunged from a peak of more than $147 (U.S.) a barrel in July after leading oil exporter Saudi Arabia took a unilateral decision to pump at the fastest rate since 1981.

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