After several days of speculation, the Organization of the Petroleum Exporting Countries, or OPEC, formally agreed Friday, Oct. 20, to reduce its output.

However, the amount of the reduction was more than predicted, according to media reports. The group of nations agreed to lower production by 1.2 million barrels per day - about 200,000 more barrels than analysts anticipated.

The production cuts are scheduled to start Nov. 1.