OPEC agrees to cut oil production

By From CNN Correspondent Richard Quest

VIENNA, Austria (CNN) -- Oil ministers from the Organization of Petroleum Exporting Countries agreed Friday to cut oil production and were talking about slashing about 1 million barrels a day. (See map of member countries.)

No formal agreement has been announced as discussions continue, but several sources told CNN that around 1 million barrels a day is the target figure.

The OPEC ministers said that a slowdown in the world economy is prompting the cut.

By cutting 1 million barrels a day out of the world oil supply, the ministers hope that oil prices will climb back to the $25 a barrel level after slumping earlier in the week.

OPEC currently pumps about 40 percent of the world's oil supply.

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