Oil rises as OPEC hints at output cut

OIL rose above $63 yesterday on concerns that export cartel OPEC would cut output to halt a 20% slide in prices over the past two months.

Nigeria, the world’s number eight oil exporter, plans to reduce supplies from October 1 after consultations with other OPEC producers, a senior Nigerian oil industry source said yesterday.

But fellow OPEC member Kuwait has not trimmed production, according to a Gulf oil source, who added there has been no directive so far to change output.