CAIRO, Egypt (AP) – The possibility of a cut in OPEC production grew stronger Wednesday after the oil minister of heavyweight Saudi Arabia indicated he was aware of majority sentiment in favor of a reduction.

“Our objective is to keep the market balanced and keep it stable,” Saudi Oil Minister Ali Naimi said in Cairo, where the Organization of Petroleum Exporting Countries meets Friday.

Saudi Arabia produces nearly one-third of OPEC’s total output of 30 million barrels a day, including Iraq’s production of about 2 million barrels.

No amount of extra output from OPEC seemed to satisfy the world market for most of this year, but in recent weeks prices have dropped significantly from summer highs of $50 a barrel.

On Wednesday, light sweet crude for January delivery rose 48 cents to $41.94 per barrel on the New York Mercantile Exchange.

In London, Brent crude futures climbed 42 cents to $38.69 per barrel. Despite a sharp pullback recently, oil prices are about 30 percent higher than a year ago.

In his initial remarks to reporters Wednesday, the Saudi oil minister appeared to signal his country’s opposition to production cuts, saying he was satisfied with current OPEC output and not concerned about the most recent drop in prices.

“You guys forget – one year ago it was in the 20s, now it’s in the 40s, even Saudi crude is in the 30s,” Naimi told reporters, talking in terms of dollars a barrel.

As for current OPEC output – which is about 1 million barrels a day above the organization’s formal ceiling without Iraq – he said: “I’m happy with the way it is.”

He appeared to hedge later, however.

“We never meet without an objective, and when we have an objective, we take action,” he said.

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