OPEC announces global oil supply cut just in time for summer

The oil cartel, which controls roughly 40% of the world's oil, and its allies reached a deal over the weekend to cut production by around one million barrels per day.
1:00 | 06/05/23

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Transcript for OPEC announces global oil supply cut just in time for summer
CHAIN. GEORGE? GEORGE? >> MATT GUTMAN, THANKS. >> MATT GUTMAN, THANKS. NOW CONCERNING GAS PRICES COULD NOW CONCERNING GAS PRICES COULD JUMP AFTER OPEC DECIDED TO CUT JUMP AFTER OPEC DECIDED TO CUT GLOBAL OIL SUPPLY. GLOBAL OIL SUPPLY. ERIELLE RESHEF HAS DETAILS. ERIELLE RESHEF HAS DETAILS. GOOD MORNING. GOOD MORNING. >> Reporter: GOOD MORNING. >> Reporter: GOOD MORNING. OPEC REACHING A DEAL OVER THE OPEC REACHING A DEAL OVER THE WEEKEND TO CUT PRODUCTION BY WEEKEND TO CUT PRODUCTION BY ABOUT 1 MILLION BARRELS PER DAY. ABOUT 1 MILLION BARRELS PER DAY. THIS COMES AS COUNTRIES ARE THIS COMES AS COUNTRIES ARE CONCERNED ABOUT POSSIBLE CONCERNED ABOUT POSSIBLE OVERSUPPLY IF THE ECONOMY SLOWS OVERSUPPLY IF THE ECONOMY SLOWS DOWN AND WE SEE DEMAND GO DOWN DOWN AND WE SEE DEMAND GO DOWN AS WELL. AS WELL. LAST TIME OPEC SURPRISED THE LAST TIME OPEC SURPRISED THE WORLD WITH THIS KIND OF MOVE WORLD WITH THIS KIND OF MOVE BACK IN APRIL, GAS PRICES BACK IN APRIL, GAS PRICES SPIKED. SPIKED. RIGHT NOW PRICES HOVERING ABOUT RIGHT NOW PRICES HOVERING ABOUT $3.55 PER GALLON. $3.55 PER GALLON. THAT'S DOWN FROM $4.84 THIS TIME THAT'S DOWN FROM $4.84 THIS TIME LAST YEAR. LAST YEAR. LOT OF PEOPLE WONDERING WHAT LOT OF PEOPLE WONDERING WHAT DOES THIS MOVE MEAN FOR US? DOES THIS MOVE MEAN FOR US? ANALYSTS SUGGEST IF DEMAND ANALYSTS SUGGEST IF DEMAND REMAINS CONSTANT, WE COULD STILL REMAINS CONSTANT, WE COULD STILL SEE A SLIGHT SPIKE IN GAS SEE A SLIGHT SPIKE IN GAS PRICES. PRICES. IT'S UNCLEAR WHEN THESE CUTS MAY IT'S UNCLEAR WHEN THESE CUTS MAY TAKE HOLD. TAKE HOLD. OPEC IS SCHEDULED TO MEET AGAIN OPEC IS SCHEDULED TO MEET AGAIN JUST AFTER

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