FIRST AIRED: December 1, 2017

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Transcript

00:00:01
>> OPEC makes a decision. I'm Ernie Scheider with Reuter's in Vienna where the Organization of the Petroleum Exporting Countries agreed today to extend a production supply cut to the end of 2018. Now, the deal is part of OPEC's plan to get rid of a global supply glut of oil that has kept prices low.
00:00:21
OPEC's members including Saudi Arabia are hoping that this will help further reduce those large stockpiles and increase the price of oil. Russia, which is not an OPEC member, has agreed to go along with the cuts as it did earlier this year in part to help OPEC reduce that glut as well.
00:00:38
The big caveat for OPEC members is the US shale industry which has been a thorn in the side of Saudi Arabia and Russia and other OPEC members for the past few years. It remains to be seen if those US shale companies will continue to increase their oil output as OPEC tries to decrease its own production.
00:00:56
Just today, the US Energy Information Administration said that September production of oil in the United States rose to almost 9.5 million barrels per day. That was a 3% increase from August, surprising many here at the OPEC meeting.