Brent crude futures, the global benchmark for oil prices, traded at around $61-62 a barrel at the time of writing this article. "The decision was a very important step for the oil producers, the oil market and development of the oil industry in general".
OPEC and its allies inked a deal to reduce output by 1.2 million barrels per day during the first six months of 2019 after their second-day meeting in Vienna, Austria, which has roughly met market expectations.
"U.S. oil production growth continues relentlessly and will probably continue for the foreseeable future to offset any supply-side adjustments from the OPEC+ group", Razaqzada said.
Oil held its biggest loss in two weeks as uncertainty over how the OPEC+ coalition will implement its output cuts and the prospect of surging USA supplies kept investors wary.
Brent crude oil rose on Monday after producer club OPEC and some non-affiliated suppliers last Friday agreed to a supply cut from January.
USA oil prices climbed on Wednesday, supported by expectations that an OPEC-led supply cut announced last week for 2019 would stabilise markets.
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The oil price has fallen by a third since the start of October, when it hit a four-year high above $87.
Opec expects global oil demand to slow next year and sees little support from the economic backdrop.
"The surge in US supply in recent months should be a reason for caution", Bank of America Merrill Lynch said in a note on Monday.
"Other news of production coming off in Canada and Libya, coupled with consecutive draws between this week and last, are slowly changing market sentiment", Hekmati said.
According to the International Energy Agency (IEA), the demand for crude oil produced by OPEC countries at the world market is now at 31.3 million barrels.
Non-OPEC oil-producing states, such as Russian Federation - one of the world's largest oil producers - will reduce its output by 400,000 barrels per day (bpd), as part of efforts to drive up the price of crude.
This was determined by Reuters based on data from Petro-Logistics, which put Saudi oil exports at 8.105 million bpd in November up from 7.491 million bpd in October, and taking into account that the kingdom's shipments next month are set to fall by more than 1 million bpd under the OPEC cutbacks.