Why Oil Prices Fell After OPEC+ Announced Deeper Output Cuts

Initial leaks from the OPEC+ meeting suggested that the voluntary nature of additional output cuts is likely contributing to the negative market sentiment. "Drowning in detail" is how another trader MSG'd as producers are going to have to come up with some hard numbers to convince the market that the cuts are real, and not just a repackaging of previously agreed measures. But as the communique below shows, there appears to be none. The full OPEC+ communique has just been released: The 36th OPEC and non-OPEC Ministerial Meeting…