Vienna--Jan. 17--Ministers from the Organization of Petroleum Exporting Countries agreed to cut oil production by 1.5 million barrels per day in a decision that strikes a balance between world economic growth and producers' desire to keep prices as high as they can. The 5.6% production cut, which takes effect Feb. 1., could be the first in a series of reductions meant to keep oil prices between $22 and $28 per barrel, according to Ali Rodriguez, Venezuela's oil minister and secretary-general of the oil cartel.