The Organization of Petroleum Exporting Countries (OPEC) had long been expected to announce a reduction in output to bolster sagging oil prices, but officials of the organization just recently announced that the group will pare daily production by 1.5 million barrels by the beginning of next year, but only if non-OPEC nations, including Norway, Mexico, and Russia, were to trim output by a total of 500,000 barrels a day.