Crude Oil Prices Climb as Saudi Arabia Backs OPEC Cut
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rude oil futures closed over $58 a barrel on the New York Mercantile Exchange following an announcement by Saudi Arabian oil minister Ali al-Naimi that the OPEC cartel will reduce its oil output by 1 million barrels a day, Bloomberg reported.

Bloomberg quoted Al-Naimi as saying that OPEC member nations would decrease their oil output rather than lower production quotas.

Bloomberg also quoted Abdullah bin Hamad al-Attiyah, Qatar’s oil minister, as saying that a future production cut of 500,000 barrels a day may be possible in December, when the consortium will meet again.

The last time OPEC reduced its official production target was April 2004, Bloomberg said.

Crude oil futures rose 85 cents to close at $58.50 on Thursday.

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