In late-September, the Organization of the Petroleum Exporting Countries (OPEC) announced an agreement
to cut crude production levels to 32.5 million barrels per day (mbpd), 0.7 mbpd down from the current
level of approximately 33.2 mbdp. This agreement marks OPEC's first move to cut production since 2008.
If the agreement holds and production slows, it would likely help bring the global oil market closer to a
“balanced” state after numerous quarters of over-supply. OPEC production levels have generally increased
since 2014, despite cuts to the number of operating oil rigs.