OPEC+ has decided on an additional crude output cut of about 2.2 million barrels per day for early 2024, indicating concerns about the strength of global demand for crude. However, the market response has been subdued, with Brent crude futures closing slightly lower at $82.85 a barrel. Analysts suggest that the voluntary nature of the additional production cuts raises doubts about their effectiveness. The broader challenge for OPEC+ is whether these measures are sufficient to maintain oil prices above $80 a barrel, a preferred level for most member countries. The struggle to reach a new deal highlights uncertainties about the group's ability to take further action if needed.

SOURCE:GOOGLE