Opec to cut output by good amount in Algiers

Tehran: Opec will likely decide to cut supplies at a meeting later this month, the cartel's secretary general said on Monday.

Speaking at a news conference, Abdullah Al Badri said: "The market is oversupplied because we are seeing stocks as very high, about 55 to 56 days.''

Asked about whether there would be a cut decision in Algeria, he said: "There will be action there ... It will be a good amount, a good quantity," without giving any specific amount.