ORAN, Algeria (AFP) - OPEC will announce a cut in its oil production of about two million barrels a day, Saudi Oil Minister Ali al-Nuaimi said here Tuesday. "There will be a cut of about two million barrels," he said on arriving here for an OPEC ministerial meeting on Wednesday. "Supply is still somewhat in excess" of demand. "Inventories are also higher than normal. To bring things in balance there will be a cut of about two million barrels." Ministers from the Organisation of Petroleum Exporting Countries are to convene here Wednesday and have been widely predicted to approve a major reduction in output to shore up prices, which have fallen sharply since July as the global economy falters. OPEC has appealed to non-member Russia to help it stabilise prices and it was not clear if the two-million-barrel cut envisaged by Nuaimi included a Russian output reduction. OPEC kingpin Saudi Arabia rivals Russia as the world's largest oil producer.