OPEC struggles to find balance in oil market

OPEC oil ministers are downplaying expectations of an immediate output cut as they face a third test in as many months of their ability to engineer a rebound in oil prices.
   
But the ministers are not dismissing a cut outright.
   
The outcome of a hastily convened meeting in Cairo Saturday likely hinges on a key issue with which the cartel has had a checkered past: unity.
   
Kuwait’s oil minister says that the market is oversupplied, but he believes there’s “no need” for the Organization of Petroleum Exporting Countries to decide on cuts ahead of its regularly scheduled Dec. 17 meeting in Algeria.
   
However, the oil minister for price hawk Venezuela, says the option remains to cut production by “at least 1 million barrels” at the weekend gathering.