01 Dec, 23

Oil Markets Confused and Underwhelmed by OPEC+ Cuts

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Oil markets were left both confused and underwhelmed by the OPEC+ decision to cut 2.2 million bpd in the first quarter of 2024, with oil prices falling toward a weekly loss.Friday, December 1st, 2023Oil markets welcomed the new OPEC+ deal that pledged 2.2 million b/d in voluntary cuts for the first quarter of 2024 in a very lukewarm manner, with Brent erasing all its earlier gains and dropping back to $81 per barrel. With even the most seasoned industry watchers starting to lose track of which country will be cutting what amount against which reference…

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