U.S. crude declined Thursday, erasing early gains, as traders grew more convinced that OPEC+, a group composed of OPEC plus its oil-producing allies, will not deliver on promised output cuts.
Riyadh agreed to extend its voluntary production cut of 1 million barrels per day, a source in the Energy Ministry told the Saudi Press Agency.
Iraq is cutting by 223,000 bpd, the United Arab Emirates 163,000 bpd, Kuwait 135,000 bpd, Kazakhstan 82,000 bpd, Algeria 51,000 bpd and Oman 42,000 bpd.
OPEC+ has a major problem when it comes to cohesion and compliance on output cuts, said John Kilduff of Again Capital.
"They have their hands full and to me it's not going to prove to be a winning strategy for them," he said of the output cuts.
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