Oil prices fell today after the voluntary production cuts announced by OPEC+ fell short of market expectations. The group announced cuts of 2MM/bpd for the first quarter of next year however 1.3MM/bpd of that was an extension of current cuts. “From what we’ve seen so far, this looks like a paper cut of around 600-700,000 barrels per day (bpd) vs Q4 2023 planned levels,” said James Davis at FGE. “It could at best be an actual cut of around 500,000 bpd compared to Q4. This might be just enough to keep the market balanced in Q1, but it will be close.” OPEC+ also invited Brazil, a top 10 oil producer, to become a member of the group. The country’s energy minister said it hoped to join in January. WTI traded down $1.90 or -2.4% to close at $75.96. Brent traded down $.27 or -.3% to close at $82.83.