UPDATE 2-Low expectations for oil output cut as OPEC meets

jueves 27 de noviembre de 2014 06:36 GYT

* Meeting begins, Gulf OPEC members to press for no cut

* Venezuela, Algeria see need for OPEC to reduce output

* Saudis want lower prices to slow U.S. boom - OPEC watchers (Updates with quotes from ministers)

By Alex Lawler and Shadia Nasralla

VIENNA, Nov 27 (Reuters) - Gulf oil producers led by Saudi Arabia are expected to press the case on Thursday for not yet cutting OPEC output, despite calls from several members of the group to bolster sagging prices by removing surplus crude from the market.

Saudi Oil Minister Ali al-Naimi and his United Arab Emirates counterpart, Suhail bin Mohammed al-Mazroui, said on Wednesday they expected the oil market to stabilise itself. A Gulf OPEC delegate told Reuters the Gulf producers had reached a consensus not to cut output.

"OPEC is unlikely to cut today," a Gulf OPEC delegate told Reuters shortly before the meeting began. Another delegate agreed and a third delegate said the outcome was too difficult to predict.

Brent oil prices fell $2 to a fresh four-year low under $76 a barrel as the likelihood of a joint cut by the 12-member OPEC waned.

The meeting of the Organization of the Petroleum Exporting Countries is one of the most closely watched in years, with oil prices having sunk 30 percent since June due to the U.S. shale boom and slower economic growth in China and Europe.   Continuación...