OPEC+ Cuts Drive Oil Price Volatility
TL;DR
Oil prices dropped nearly 2% after OPEC+ producers agreed to voluntary oil output cuts for the first quarter of 2024, which fell short of market expectations. The cuts, approaching 2 million barrels per day (bpd), included an extension of existing voluntary curbs by Saudi Arabia and Russia. The voluntary nature of the cuts left investors unimpressed, as they were smaller than anticipated. The meeting also saw OPEC+ invite Brazil to join the group, while crude output in the US continued to rise.
- Oil prices fall after OPEC+ agrees voluntary Q1 cuts Reuters
- Oil prices swing as OPEC+ agrees on additional output cuts Yahoo Finance
- OPEC+ Latest: Oil Advances Ahead of Crunch Meeting Bloomberg Television
- U.S. crude declines as skepticism mounts over OPEC+ cuts CNBC
- Oil Technical Analysis for December 01, 2023 by FXEmpire FX Empire
Want the full story? Read the original reporting
Read on Reuters