OPEC Reaches Deal To Cut Oil Output03:32
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Organization of Petroleum Exporting Countries (OPEC) Secretary General Nigerian Mohammed Barkindo (R), the Chairman of the OPEC Board of Governors Algerian Mohamed Hamel (L) and the President of OPEC Mohammed bin Saleh al-Sada (C) attend a meeting at the OPEC headquarters in Vienna, Austria on Nov. 30, 2016. (Herbert Neubauer/AFP/Getty Images)
Organization of Petroleum Exporting Countries (OPEC) Secretary General Nigerian Mohammed Barkindo (R), the Chairman of the OPEC Board of Governors Algerian Mohamed Hamel (L) and the President of OPEC Mohammed bin Saleh al-Sada (C) attend a meeting at the OPEC headquarters in Vienna, Austria on Nov. 30, 2016. (Herbert Neubauer/AFP/Getty Images)
This article is more than 2 years old.

Oil prices rose today as members of the Organization of the Petroleum Exporting Countries, or OPEC, struck a deal that would cut production by more than a million barrels a day, about 1 percent of global output.

This is the first OPEC agreement limiting oil output since 2008 and comes after OPEC's largest producer, Saudi Arabia, has been hesitant to cut production — as has Iran.

Here & Now's Jeremy Hobson speaks with CNN's Maggie Lake (@MaggieLake) about the deal and President-elect Donald Trump's picks for treasury and commerce secretaries.

This segment aired on November 30, 2016.

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