Opec needs to cut output by up to 1m bpd: delegate

London

OPEC needs to cut its oil output by up to one million barrels per day (bpd) at its meeting next week, a delegate from one of Opec's smaller producers said, as oil prices that have slid to a four-year low squeeze producers' budgets.

The comments are a further sign that support for action is broadening in the Organization of the Petroleum Exporting Countries, although the most influential member Saudi Arabia has yet to say if it supports a cut.