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'OPEC+ has only just begun cutting'.

'We have seen many ill-advised interventions in energy markets'.

'We expect OPEC+ to be in solid control of the global oil market over the next couple of years'.

OPEC+ announced a surprise oil production cut of more than one million barrels a day.

'However, the market response to the meeting has been highly negative'

For the first time in over a year, there is no pre-agreed target increase to rubberstamp.

Oil prices have seen only limited gains this year.

Iraq and Kazakhstan pledged compliance with new OPEC+ oil targets.

'The inability to secure a group-wide decision on production cuts does not bode well for the group's unity and cohesion and limits the group's ability to balance the market'.

'We think this weekend's OPEC+ meeting boils down to two key items,' Macquarie strategists said.