Kuwaiti raps West 'glut', says OPEC will cut output

The oil minister of the United Arab Emirates has accused the Western nations of creating an oil glut by stockpiling and said OPEC would respond by cutting production. "We will not permit the development of a glut on the world oil markets, and will cut back production to absorb any oil surplus," Maneh Otaiba said. Sources attributed the trend toward a world oil surplus to increased oil production by some Gulf states, as well as a global economic slowdown, and intensified c onservation in the West.