Oil prices experience fluctuations as OPEC+ producers agree to output cuts approaching 2 million barrels per day (bpd) for early next year. Brent crude sees a modest rise, while U.S. WTI crude faces a decline. The agreement involves Saudi Arabia extending a voluntary 1 million bpd cut, Russia reducing by 500,000 bpd, and other members contributing cuts. Skepticism surrounds the credibility of individual OPEC members reaching these cuts, with questions about the UAE's production increase. OPEC+ nations may convene again before year-end, and Algeria agrees to an additional 50,000 bpd cut for January. The formal announcement and details of the cuts are awaited by investors, amid uncertainties about compliance and the long-term impact on oil prices. The meeting coincides with the U.N. climate conference in Dubai, and the OPEC+ Joint Ministerial Monitoring Committee ends without making a recommendation on 2024 output levels.

SOURCE: GOOGLE