The Organization of Petroleum Exporting Countries (OPEC) will soon announce a decision to cut down crude oil production by 1 million barrels per day (bpd), according to news reaching here on Wednesday.

Qatar's Oil Minister Abdullah bin Hamad al-Attiyah said on Wednesday that the OPEC members have agreed to trim global production to boost oil prices.

"There is a consensus for the 1 million cut, there is no objection," Attiyah was quoted as saying.

The minister also told Qatari media that a formal statement is expected to be issued within two or three days or at a meeting to be held on Oct. 16-18.

"Our (Qatari) position is for a cut from current (actual) production. We support it and I believe this is the reality," said Attiyah, adding, "We will respect and abide by OPEC's decision."

The minister noted that his country was still calculating the size of its own output cut under the OPEC deal.

Oil prices have fallen sharply in recent weeks from a high record of 78.40 U.S. dollars per barrel on the New York Mercantile Exchange in mid July and Kuwaiti Oil Minister Sheikh Ali al-Jarrah al-Sabah had expressed fears that they may drop to 50 dollars per barrel.

The 11-member OPEC has maintained a daily output quota of 28 million barrels crude oil since 2005.

Source: Xinhua