Art Cashin on OPEC agreement: 'You want to see if they really deliver'

Art Cashin told CNBC on Wednesday he wasn't entirely convinced by the Organization of the Petroleum Exporting Countries' agreement to reduce oil production.

"I believe that's what they are going to announce," the director of UBS's floor operations at the NYSE said on "Squawk Alley." "Whether it sticks or not is a completely different thing."

On Wednesday, OPEC agreed to cut production by about 1.2 million barrels per day after oil prices have continued to fall due to global oversupply and booming U.S. shale production.

"Half of that will come from OPEC, half of that will come from non-OPEC sources," Cashin said about OPEC's agreed cuts. "We'll have to see what the Russians actually do about it. We have a history over the last two years of these phenomenal short squeezes in the pits and they tend to over-tread very heavily."

He continued: "I think you want to see if they really deliver. Mr. [Igor] Sechin in Russia has right up until this week said he didn't think he was going to be cutting back. And now — while he's not the oil minister — he runs on one of the largest oil companies that they have there, and he is reputed to be the best friend forever of Mr. [Vladimir] Putin. So, we'll see."

Cashin said that he has doubts because the organization has come out before and said it had everything figured out. But Cashin said, "When nobody can see what's going on, the cheating begins almost immediately."

—CNBC's Sam Meredith contributed to this report.