OPEC Agrees on Need to Cut Oil Output
Everyone else needs to cut their production levels.
"OPEC said its members agreed that they need to cut crude output to reduce the world’s supply glut, a shift for the 14-member group that was enough to send oil prices higher, even though reaching a deal remains far from certain.
Members of the Organization of the Petroleum Exporting Countries said they reached an understanding after a six-hour gathering in the Algerian capital, but deferred until November the fraught task of finalizing a plan to make those cuts. OPEC officials said a committee would be formed to determine how much each country would have to cut and then report to the group at its next meeting on Nov. 30 in Vienna.
Determining which countries will cut and by how much is a delicate negotiation that has undone previous efforts to curb output and boost prices."
The reality is they did nothing.
If an agreement does happen expect lots of cheating, and surprisingly little reduction in actual oil on the market. Or even more likely, they will set a maximum limit which will do nothing to actually decrease oil production.