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OPEC agrees to cut output to push up oil prices

L.A. Times Wednesday, 30 November 2016 ()
OPEC has agreed to cut its oil production for the first time in eight years in an effort to boost crude prices. 

The cartel will cut 1.2 million barrels a day from its present output after its 14 members put aside differences at a meeting Wednesday to agree on individual production levels. 

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News video: Oil rallies ahead of OPEC decision on output

Oil rallies ahead of OPEC decision on output 01:28

Oil prices rose 3 percent on Monday to their highest in three weeks, catching a lift from a weaker dollar, as OPEC appeared to be moving closer to agreeing an output cut when it meets next week. Hayley Platt reports.

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