Fred Business News - The global oil market is over-supplied by over 500,000 barrels per day (bpd) and OPEC will take appropriate measures to balance it at its Dec. 14 meeting, the cartel's acting secretary-general said on Saturday.

Mohammed Barkindo stopped short of saying OPEC would cut production at the Abuja meeting, though the group's President Edmund Daukoru said on Friday he favored a further reduction after OPEC cut output by 1.2 million bpd in October.

"The over-supply is well over 500,000 bpd. It's between 600,000 and 700,000 ...   more »