OPEC Agrees To Cut Oil Production, Prices Rise

OPEC Agrees To Cut Oil Production, Prices Rise

The Organization of the Petroleum Exporting Countries, or OPEC, finally agreed to cut production meaning they will stop causing a surplus in the world's supply. CNN Money reports this is the first time the Saudi Arabia-led cartel cut production since 2008.

According to Fortune Russia -- not an OPEC member -- will also join the effort to cut production for the first time in 15 years.


According to CNN Money the decision shows OPEC leaders realize their hope of over-supplying U.S. producers with cheap oil hasn't worked to kill the American oil boom.


Oilprice.com reports OPEC will cut its output down to 32.5 million barrels per day -- a decrease of about 1.2 million barrels per day -- effective January. Fortune reports oil shares rallied to a six-week high in response on Thursday.

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