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.

Opec will increase the cartel’s oil production by one million barrels a day to meet the global demand for oil, Kuwait’s oil minister said today.

Defying expectations, Opec plans to cut its oil production target by 3.5%, Kuwait’s oil minister said today.