OPEC announces 1.2M barrel cutback for ‘stable and balanced’ market

OPEC has agreed to reduce its daily oil output by 1.2 million barrels a day. The move was announced Wednesday and will take effect on Jan. 1.
The cutback will limit OPEC member countries to 32.5 million barrels a day, according to OPEC president Secretary General Mohammed Bin Saleh Al-Sada, of Qatar. It is the first OPEC cutback in eight years, according to CBS News.
“Member Countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market, with p