OPEC will very likely agree to cut oil production at its upcoming meeting in early December, although the size of the cuts is yet to be decided, Ahmed al-Kaabi, Governor for OPEC of the United Arab Emirates (UAE), told the local Al Bayan newspaper on Tuesday. The OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) is still assessing the state of the oil market and will share with the group its findings before the meeting in Vienna on December 6-7, al-Kaabi added. The UAE is committed to comply with any decision of OPEC, the official noted. Two weeks before the meeting of the OPEC and non-OPEC partners, speculation has intensified that the cartel and its de facto leader Saudi Arabia may be willing to make another U-turn in oil production policy and decide to cut production next year, just months after increasing output to offset expected losses from Iran and Venezuela. […]