OPEC+ Production Cuts Fail to Convince Oil Traders

Analysts question implementation of extra 900,000 b/d of cuts
Angola rejects its diminished quota after fractious talks

Abdulaziz bin Salman
Photographer: Gavin John/Bloomberg

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By Grant Smith, Salma El Wardany, and Fiona MacDonald

November 30, 2023 at 5:25 PM UTC

Updated on

November 30, 2023 at 6:46 PM UTC

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OPEC+ agreed a surprise new oil supply cutback of about 900,000 barrels a day, yet crude prices fell as traders remained skeptical on whether it will be fully implemented.

Members including Russia, the United Arab Emirates, Kuwait and Iraq pledged the extra reductions after an online meeting, the organization said in a statement on its website. Saudi Arabia promised to continue its unilateral 1 million barrel-a-day cut through the first quarter.