OPEC to approve new oil production cut - Venezuela's Ramirez.

(From AFX Europe (Focus))

CARACAS (AFX) - Oil cartel OPEC will agree on a new cut in oil production at a meeting in Nigeria next month, according to Venezuela's energy minister.

The new cut "will be proposed ... because (oil) price remains unstable," Energy Minister Rafael Ramirez told Venezolana television.

"In December there will be consensus to continue acting on volume," he said, without indicating by how many barrels OPEC would cut production.

Venezuela, a founding member of OPEC, was the world's eighth largest oil exporter last year, according to the US government's Energy Information Administration.

OPEC decided last month …