KUWAIT CITY (AP) -- Kuwait's oil minister says OPEC is "undoubtedly inclined" to cut production in its upcoming meeting in Algeria to shore up oil prices.
But Mohammed al-Eleim said Monday that any decision at the Organization of Petroleum Exporting Countries' Dec. 17 Oran, Algeria, meeting would balance the need for a cut with its impact on the ailing world economy and producer nations' need for revenue to fund development projects.
Two earlier cuts by the 13-nation group have failed to stem plummeting crude prices, which are currently about 65 percent below a mid-July record of almost $150 per barrel.
Al-Eleim, speaking to reporters before leaving for Algeria, declined to say how deep a cut should be implemented.
