Saudi Arabia, Russia and other major oil-producing nations on Thursday announced they would further slash production next year in an effort to prop up volatile prices.
But prices dropped right after the meeting, with analysts saying the market had expected more from the 13-member Organization of the Petroleum Exporting Countries (OPEC) and its 10 partners.
Following the virtual meeting of OPEC+ ministers, Riyadh announced it would extend its voluntary oil production cut of one million barrels per day until March 2024.
Moscow said it would slash oil exports by 500,000 barrels a day — up from 300,000 barrels a day so far — until March, following the tough talks.
Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman will also make smaller cuts, OPEC said in a statement.
