OPEC prepares to approve oil production cut

OPEC oil ministers today joined in supporting a cut in output toward production target levels early next year in a bid by the organisation’s 11 member states to stave off further falls in the world price while trying to avoid a new frenzy of buying.

The Organisation of Petroleum Exporting Countries (OPEC) still has to officially approve the decision. But comments by oil ministers ahead of the group’s formal meeting today indicated that would be only a formality.