FIRST AIRED: December 11, 2016

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Transcript

00:00:00
>> Global oil producers getting more of what they want or more of what they don't want, agreeing Saturday to further cut oil production. In the first such agreement in 15 years, OPEC getting non-OPEC oil countries to agree to slash energy supplies as they all feel the pain from a two year collapse in oil prices.
00:00:21
This follows OPEC's decision earlier this month to curb output for the first time in eight years, agreeing to cut production by more than a million barrels of oil per day. The other countries, including most notably, Russia falling In line, agreeing to take another half million barrels of oil per day off the market starting at the beginning of the new year.
00:00:41
One energy watcher saying, the cuts are aimed at pushing the price of oil to $60 a barrel, but not much higher. Why just 60 bucks? OPEC knows if the prices goes up too much, that would encourage cheating which global oil producers have a long history of doing. Not only that, but as the price goes up, that would certainly embolden those like the US who weren't part of any of the two recent agreements to pump out even more oil.