Saudi Arabian Oil Minister Ali al-Naimi said on Wednesday that OPEC oil producers would announce an output cut of 1.5 million barrels per day when they hold an emergency meeting in Cairo on Friday.
Asked if the Organization of Petroleum Exporting Countries would announce the cuts at the Cairo talks, he told Reuters: "Yes, we will."
Mr. Naimi said there should be no doubt that non-OPEC oil producers, such as Russia, would deliver on pledges to curb supplies in an alliance with OPEC designed to shore up flagging crude prices.
"It is certain that they will carry out their pledges and that OPEC will comply with the cuts," he said, adding that he was also confident that OPEC countries would stick to reduced output commitments.
He said OPEC and other producers would impose supply curbs, which will total nearly two million b/d, to lift oil prices to between $20 and $25 a barrel.
But he said it would be difficult in the current economic slowdown to lift prices back into OPEC's original target range of $22-$28 a barrel for its basket of crudes.Report Typo/Error