Saudi Arabia asks Opec to cut world oil supply

Opec could cut its crude supplies by over a million barrels a day, if Saudi Arabia gets its way at Wednesday's conference in Vienna. The price of crude has slumped to under $50 a barrel from over $100 a barrel in 2014. Saudi Arabia wants to drive it back up.

This would be first supply cut Opec has made since 2008. However, major oil producers like Iran and Iraq may refuse to go along with Saudi Arabia's plans.

Video Journalist: Jeremy Howell