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epa05654690 (FILE) A file photograph showing an oil well pumping oil in an oil field near Ponca City, Oklahoma USA, 14 November 2007. The Organization of Petroleum Exporting Countries (OPEC) decided at it's 171st meeting in Vienna, Austria on 30 November 2016 that it will cut supplies for the first time in eght years. The cut of 1.2 million barrels a day will start from January 2017. the Conference decided to implement a new OPEC-14 production target of 32.5 million barrels a day, in order to accelerate the ongoing drawdown of the stock overhang and bring the oil market rebalancing forward. EPA/LARRY W. SMITH