Oil Producers Fail to Agree on More Production Cuts

The oil producers group known as OPEC Plus met on Thursday and failed to announce new production cuts in the face of sagging prices, but Saudi Arabia later said that it would continue to trim output by one million barrels a day through March, in coordination with some other countries that were not named.

Oil traders, who may have expected more substantial cuts, had a chilly response to the news. Futures fell for the day, with Brent crude down 0.4 percent, to $82.80 a barrel, and West Texas Intermediate falling more than 3 percent, to $75.25.

“Early indications are that this is disappointing for the markets compared to the expectations that had built up over the last week,” said Richard Bronze, head of geopolitics at Energy Aspects a research firm. News reports of production cuts preceded the meeting.

OPEC Plus said that Brazil, an oil giant that until now has not been part of the producers group, was expected join next year. Alexandre Silveira de Oliveira, Brazil’s minister of mines and energy, attended the teleconference meeting and confirmed that his country would join in 2024, pending a review of documents. Brazil, however, will not cut output.