There’s a catch with OPEC’s plan to cut production

OPEC agreed to curtail production output back in November for the first time since 2008.
The bulk of the cartel's cut is coming from Saudi Arabia, although others including Iraq, the United Arab Emirates, Kuwait, and Qatar will also participate. Meanwhile, Libya and Nigeria, which were plagued by ongoing production outages last year, are exempt.
Additionally, several major non-OPEC producers including Russia also agreed to tag along soon after.
The decision to limit production reverses