OPEC, the group supplying about 40 percent of the world’s oil, may cut production next year, its Secretary-General Abdalla El-Badri said. The Organization of Petroleum Exporting Countries’ daily output target could fall by 500,000 barrels to 29.5 million barrels in 2015, El-Badri said at OPEC’s secretariat in Vienna after talks with Russian Energy Minister Alexander Novak today. The group’s monthly report on Sept. 10 showed demand for its oil will drop to 29.2 million barrels a day in 2015 from 29.5 million this year. Saudi Arabia cut its crude supply by 408,000 barrels a day in August, the biggest reduction since the end of 2012, a submission made by the country to OPEC shows. Brent crude is trading below $99 a barrel and is close to the lowest in more than two years. U.S. crude supplies are surging while those from Libya are rebounding and a conflict in Iraq […]