Reuters is reporting that OPEC has reached a preliminary agreement to cut production by an additional 1 million barrels per day. This would be on top of Saudi Arabia's 1 million bpd cut that has been in place since July. Oil prices are rising in reaction to the report.

The Organization of Petroleum Exporting Countries and associate members meet on a monthly basis in an effort to set quotas for crude oil production. The group's 13 full members are dominated by Saudi Arabia with other active members including Algeria, Angola, Republic of Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the United Arab Emirates, and Venezuela. Associate members can also be included at the meetings under special conditions set by the full members.

OPEC meetings often result in changes to production quotas among members, raising or lowering the global supply of crude oil which in turn can have immediate outcomes for energy prices.