Oil prices slide 3% as OPEC is seen cutting output less than expected

(CNBC) OPEC is meeting at its headquarters in Vienna, Austria, with the aim of reaching an accord over production levels for the next six months. Saudi Arabia has been leading calls for the group to trim output, amid surging supply and fears that an economic slowdown will erode fuel demand. Saudi Energy Minister Khalid al-Falih told reporters on Thursday morning that a cut of 1 million barrels would be sufficient. That level is less than many analysts anticipated.