Ministers from the Organization of the Petroleum Exporting Countries (OPEC) agreed on Thursday to cut crude oil output by 1.5 million barrels per day (bpd), media reports suggested. Russia is believed to have also agreed in the last minute to the output cut despite initial skepticism on such a major production reduction. Nick Note: as we told you they would OPEC is cutting another 1.5 million BPD Their is one more piece to the puzzle. In order to get the whole enchilada Russia which joins the Vienna meeting on Friday has to agree. Information i have says after a little more drama they will.