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OPEC Agrees To First Cut In Oil Production Since 2008
For the first time in eight years, the Organization of Petroleum Exporting Countries has agreed to cut oil output, ratcheting down production by 1.2 million barrels per day in hopes of stabilizing the global oil market. With the cut, OPEC's production will drop to 32.5 million barrels a day, effective on Jan 1, 2017. The agreement is contingent on key non-OPEC countries agreeing to also cut oil production by 600,000 barrels a day, NPR's Jeff Brady reports.
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