The decision came during a virtual meeting Thursday to discuss 2024 output amid concerns the market faces a potential surplus.

OPEC+, which is led by Saudi Arabia and includes member allies such as Russia, pumps more than 40% of the world's oil.

The group's current output already reflects cuts of about 5 million barrels a day... aimed at supporting prices and stabilizing the market.

Oil prices first rose on the news by more than 1%... but by Thursday afternoon had reversed course - with U.S. crude dropping by nearly 2.5% to under $76 a barrel.

One expert told Reuters there is a high degree of skepticism on how individual OPEC+ members will reach their voluntary cuts... going so far as to call the plan "sketchy."

He added that the UAE, for example, is supposed to be increasing production by 200,000 barrels per day by 2024.

OPEC+ is focused on lower output with prices down from nearly $98 a barrel in late September, and concerns brewing over weaker economic growth in 2024.