OPEC+ Output Cuts May Have No Effect Unless Extended Further

Analysts and traders surveyed by Reuters on Monday indicated that OPEC+ 2.2 million barrel-per-day production cuts in the first-quarter of the New Year will be counterbalanced by a potential supply surplus, signaling a bearish outlook for oil prices.  OPEC+ output cut announcements resulting from a November 30 meeting failed to move the needle on oil prices, prompting the Saudi Energy Minister to criticize commentators for failing to understand the deal. It also prompted an urgent trip for Russian President Vladimir Putin to Saudi Arabia,…