OPEC on Wednesday reached a deal to cut oil production, the first time it's reduced output since 2008. In a meeting in Vienna, the group, which comprises 14 countries that produce a third of the world's oil, decided to reduce oil production by 1.2 million barrels a day to 32.5 million barrels. The deal also includes a cut for non-OPEC oil producers of 600,000 barrels daily.
The decision, which followed weeks of tense discussion, marks an attempt to bolster the markets as prices have plunged amid an oil glut. Though the decision is a "big hit" for major oil producers like Saudi Arabia, Iraq, and Iran, oil futures are already on the rise. Bloomberg reported Wednesday morning that in New York, futures "jumped as much as 8.6 percent."
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