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OPEC woos other nations into production-cutting plan

Lewis Wallace Dec 9, 2016
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An Austrian soldier stands guard outside the OPEC headquarters in Vienna in 2016. Joe Klamar/AFP/Getty Images

OPEC woos other nations into production-cutting plan

Lewis Wallace Dec 9, 2016
An Austrian soldier stands guard outside the OPEC headquarters in Vienna in 2016. Joe Klamar/AFP/Getty Images
HTML EMBED:
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The Organization of Petroleum Exporting Countries agreed this week to cut production for the first time in eight years. That could mean oil prices will go up. But that depends on whether OPEC can convince a bunch of other non-cartel countries to agree to the cut. The cartel has invited 14 other countries to a meeting to discuss cuts this weekend in Vienna. So far, a handful have agreed to meet, including the big one, Russia.

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