Saudi Arabia over-delivered, but OPEC cut about 90 percent of the oil supplies it committed to take off the market.
Three countries responsible for more than half of OPEC's planned production cuts exported at records through the end of 2016.
Oil prices were stable as evidence increased that producers in the Middle East were informing customers of upcoming supply cuts.
Russia and Saudi Arabia said they expect OPEC and non-OPEC producers to reach a deal Saturday to curtail oil output and prop up prices.
Persian Gulf states are plugging deficits by turning to international debt markets, and the risks vary across the region.
OPEC on Wednesday agreed to its first oil output limits in eight years, triggering an oil rally, but market watchers were asking whether members will cheat.
Spencer Welch, director of oil markets at IHS Energy, adds that it is "almost impossible" to keep all major oil producers happy.
Analysts are split on what the news means for the Saudis' goal of securing significant output cuts and reversing a two-year oil price slump.
The Persian Gulf petro state’s economy isn’t just suffering from low oil prices. The nation had the hottest temperatures on earth this year and annual heat waves are having ricochet effects on business-- and society.
Suicide bombers struck three cities across Saudi Arabia, killing at least four security officers in an apparently coordinated campaign.
Oil producers from Angola to Venezuela are buckling under a production policy that was pushed by Saudi Arabia.
Oil prices are slipping on Wednesday, after workers ended a three-day strike that temporarily cut crude output in Kuwait.
Kuwaiti oil and gas workers have ended a three-day strike, the trade union said in a statement posted on its Twitter account.
Gold rose 2 percent, silver hit a 10-month high and platinum climbed to its highest in six months on Tuesday.
Amrita Sen, Energy Aspects, and Kristopher Kelley, Janus Capital Group, discuss the implications from the Kuwaiti oil strike.
Billion Dollar Buyer host Tilman Fertitta of Fertitta Entertainment joins Power Lunch to discuss the events of oil workers on strike in Kuwait.
Crude oil prices tumbled as much as 5 percent on Monday after the Doha “no deal,” but staged a turnaround later in the session and traded higher on Tuesday.
The disruption to oil output in Kuwait is pushing crude prices higher on Tuesday.
Oil prices are on the rise on Tuesday, as an oil worker strike in Kuwait cut the country's production to just 1.5 million barrels per day. CNBC’s Hadley Gamble reports.
Kuwaiti nationals have gone on strike over cuts to their pay and benefits, reports CNBC's Hadley Gamble.