The daily business briefing: December 1, 2016

OPEC approves production cuts, Netflix introduces video downloads, and more

Netflix on a laptop browser
(Image credit: JONATHAN NACKSTRAND/AFP/Getty Images)

1. OPEC agrees to first output cut since 2008

OPEC agreed to its first production cut since 2008 on Wednesday, sending oil prices surging by more than 9 percent. The deal came after Saudi Arabia, the world's largest producer, agreed to what Saudi Energy Minister Khalid al-Falih described as "a big hit," shouldering the largest of the 1.2 million barrels a day in cuts. Iran had been resisting cuts, insisting it should be allowed to regain market share it lost under recently lifted Western sanctions. Under a compromise, Iran will be allowed to boost production slightly from its October level. Traders said the oil rally might quickly fizzle, as the cuts won't be enough to end a global glut.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us