One of the world's leading oil producers, Saudi Arabia, is calling on the oil exporters' organisation, OPEC, to reduce production with the aim of raising prices early next year.
Saudi Oil Minister Ali al-Naimi said that he would be recommending the move at a meeting of OPEC in Vienna today.
Saudi Arabia says that it wants an increase in the price of oil to offset the decline in value of the US dollar.
Speculation that production may be cut has raised oil prices on world markets in recent days.
