, Kuwait, Dec. 9 (UPI) -- Kuwait's oil minister says the OPEC oil cartel, now producing at a 25-year high, will cut back on excess output next year to stop further price slide.
Sheikh Ahmad al-Fahd made the forecast ahead of the oil producing cartel's meeting Friday in Cairo, the BBC reports.
The minister said all 11 members of the Organization of Petroleum Exporting Countries support bringing the cartel's production within quota limits.
Continued strong demand in the United States and China and the recent supply disruption are seen as reasons for the high output.
On Thursday U.S. light crude closed up 59 cents to $42.53 a barrel in New York. In London, Brent crude was up 98 cents to $39.67 a barrel.
OPEC ministers were expected to formally set output policy for the next few months at their Cairo meeting.
