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Oil prices began to retreat on Thursday afternoon as it became clear that OPEC+ members were agreeing to voluntary cuts beginning in the new year, and that those cuts would be announced only by each member country instead of by the group as a whole.
The OPEC+ group on Thursday agreed to additional output curbs of 1 million barrels per day, in a move that could send oil prices higher.
OPEC+ reached a deal on Thursday that would see the group’s oil production cuts spill over into the new year—and at a level that is a deeper cut than is currently in place,
Oil prices are falling rapidly as the market had been led to expect 1 million barrels a day of extra cuts, but there’s no mention of them at all in the communique
Brent crude oil continued to rise on Wednesday, gaining 1.6% as the market focuses squarely on the OPEC+ meeting scheduled for Thursday