OPEC 'definitely' will cut output

OPEC, supplier of more than 40 percent of the world's oil, will "definitely" cut output at its next meeting in Algeria on December 17 after postponing a decision last month, Qatar's oil minister said.

Abdullah bin Hamad al-Attiyah said he doesn't know by how much the Organization of Petroleum Exporting Countries will reduce output. The group wants crude oil prices at between US$70 and US$80 a barrel "because this is the range at which you can invest," al-Attiyah said in Dubai yesterday.