The group that controls most of the world’s oil has decided to cut output. 

OPEC+ members, including Russia, the UAE, Kuwait, and Iraq, have agreed to cut oil supply by about 900,000 barrels per day. 

While the move was designed to push up oil prices, they actually experienced a decline as traders expressed scepticism about the full implementation of these cuts.

Saudi Arabia, committing to its unilateral 1 million barrel-a-day cut through the first quarter, joined the pledge. 

Despite the agreement, Angola rejected its reduced output quota, opting to maintain current production levels. 

This defiance raised concerns reminiscent of Ecuador's departure from the group in 2017 due to quota disagreements.

While the unexpected inclusion of Brazil in the OPEC+ cooperation charter brought applause at this week’s meeting, analysts raised doubts about the effectiveness of the pledged output cuts, emphasising the lack of concrete evidence. 

The oil market remains “surprised and confused” amid ongoing economic uncertainties and ample oil supplies, according to Bob McNally, president of Rapidan Energy Group.

As a result, Brent crude dipped 0.3 per cent to US$82.87 a barrel, and US oil fell 2.2 per cent to US$76.18 a barrel. 

Experts warn that the market may continue facing challenges, with a potential worsening outlook in the coming year due to a predicted slowdown in demand growth.