Marketplace has a new podcast for kids, "Million Bazillion!" EPISODE OUT NOW

OPEC agrees to cut 1.2 million barrels a day to boost oil prices

Jed Kim Dec 1, 2016
HTML EMBED:
COPY
An Austrian soldier stands guard outside the OPEC headquarters on the eve of the 171th meeting of the Organization of the Petroleum Exporting Countries in Vienna, on Tuesday. JOE KLAMAR/AFP/Getty Images

OPEC agrees to cut 1.2 million barrels a day to boost oil prices

Jed Kim Dec 1, 2016
An Austrian soldier stands guard outside the OPEC headquarters on the eve of the 171th meeting of the Organization of the Petroleum Exporting Countries in Vienna, on Tuesday. JOE KLAMAR/AFP/Getty Images
HTML EMBED:
COPY

The agreement by OPEC members to cut oil production by 1.2 million barrels a day — that’s 1 percent of global production — sent crude prices climbing after it was announced. The global oil industry hopes things will continue to trend that way. The deal is meant to reduce the current oil glut and get us nearer to a balance between supply and demand.

Click the above audio player to hear the full story. 

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.