Bloomberg report

This is an important caveat but isn't really a surprise at this point. OPEC knows that cutting 10 mbpd isn't going to end oversupply. It preserves some of their supplies, wins some political points and many medium-sized producers will still be crushed.

On Monday, when all the talk was about OPEC+ demanding everyone participate, here's what I wrote: Why OPEC+ will cut even without US participation

It still rings true.