Oil ministers from the Organization of Oil Producing Countries (OPEC) are meeting in Cairo today (Friday) to discuss propping up sliding oil prices with a cut in production.
The meeting comes amid a steep drop in oil prices from an all-time high of more than 55 dollars in mid-October to more than 40 dollars now.
Saudi oil minister Ali al-Naimi said today (Friday) that OPEC members are committed to cutting production by about a million barrels a day to meet the current quota of 27 million barrels daily.
He added that supply is exceeding demand and stocks are being built globally, which will affect oil prices.
Ministers say cuts would not take effect immediately because many producers have already agreed to January supplies.