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.
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