Over the last few years, oil prices and supply have been ever-changing. The change in prices, specifically the lowest prices, have been hard for the smaller suppliers to combat, and keep up with the countries like Iran. A new deal made by these oil companies will reduce the amount of oil coming out of Iran and other major oil-producing countries, and increase the amount of oil coming from the smaller sources. Hopefully this will enable some stabilization, and help the small oil producers gain momentum.
OPEC has agreed to reduce how much they are selling per day, but not how much they are pumping each day. Many are skeptical that the deal will not be kept by OPEC.
Read more at http://www.wsj.com/articles/opec-deal-to-curb-production-in-doubt-oil-prices-rebound-1480481281