After nearly two years of squabbling over how to react to plunging oil prices, OPEC members have finally agreed to a production cut . According to the Nov. 30 deal, the bloc will collectively reduce its output (based on October figures) by 1.2 million barrels per day at the start of next year. In the wake of the announcement, global oil prices jumped by as much as 9 percent. Nevertheless, the agreement is unlikely to keep propping up prices in any significant way in early 2017. The market will still be oversaturated, even despite OPEC's cutbacks and record-high levels of energy supplies in storage. Of course, the latest deal was designed less to boost prices than to keep them from dipping lower and to encourage a global shortage. Even that, however, will be difficult to fully achieve, despite the bloc's newfound consensus.