OPEC Agrees To Cut Oil Production, Prices Rise

The Organization of the Petroleum Exporting Countries, or OPEC, finally agreed to cut production meaning they will stop causing a surplus in the world's supply. CNN Money reports this is the first time the Saudi Arabia-led cartel cut production since 2008.

According to Fortune Russia -- not an OPEC member -- will also join the effort to cut production for the first time in 15 years.

According to CNN Money the decision shows OPEC leaders realize their hope of over-supplying U.S. producers with cheap oil hasn't worked to kill the American oil boom.

Oilprice.com reports OPEC will cut its output down to 32.5 million barrels per day -- a decrease of about 1.2 million barrels per day -- effective January. Fortune reports oil shares rallied to a six-week high in response on Thursday.