Four OPEC Members Agree To Cap Oil Production

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MIAMI (CBSMiami) -- A number of OPEC members have agreed to freeze oil production at January levels in response to falling oil prices.

On Tuesday, Saudi Arabia, Russia, Qatar and Venezuela say they will do so if other members of OPEC or the Organization of Petroleum Exporting Countries, join in and do the same.

All this as an over-supply combined with less global demand has sent oil prices plunging - sparking a massive sell off in stock markets across the globe this year.

Tuesday's move is meant to try to stabilize dropping oil prices. Drivers have been enjoying some of the lowest prices at the pump in years.