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The Thursday OPEC+ decision for voluntary cuts, which largely suggests that it’s now each cartel man for himself, might further erode the “legitimacy” of the group

Prince Abdulaziz said on Monday that OPEC+ production cuts could extend beyond March 2024.

Benchmark global oil prices settled down around 2% [O/R], in part because the reductions were voluntary and because of investor expectation ahead of the meeting that additional supply cuts might be deeper. Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world's oil, met online on Thursday to discuss supply policy. The group discussed 2024 output amid forecasts the market faces a potential surplus and as a 1 million barrel per day (bpd) cut by Saudi Arabia was set to end next month.

Why did crude fall out of bed on Thursday, shortly after OPEC+ announced an extension to their production cuts, and is the bearish move going to continue?

Amid record-high U.S. crude oil production, money managers have been selling WTI futures for eight consecutive weeks, suggesting that traders don’t expect too much from the OPEC+ meeting