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OPEC Announces Plan To Cut Oil Production By 1.2 Million Barrels

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OPEC Announces Plan To Cut Oil Production By 1.2 Million Barrels
The group of oil producers regularly meet to set production limits to control the global supply and demand.
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A group of the world's oil producers decided to reduce production next year. 

The Organization of the Petroleum Exporting Countries, better known as OPEC, met Thursday and Friday, and agreed to cut production by 1.2 million barrels per day. The New York Times reports that amounts to about 1 percent of the global oil supply. The group regularly adjusts production quotas to keep control of the global supply and demand. 

The 15 members of OPEC will be responsible for decreasing production by 800,000 barrels, and non-OPEC countries will make up the other 400,000. Non-OPEC members are led by Russia. 

Oil prices have been dropping recently, and cutting back on production will likely slow down that trend.