Oil traders hung on OPEC's every word in 2016, and this year the market could be in for more of the same.
After a year of proposed deals, debated deals, and failed deals to reverse two years of low oil prices, OPEC finally put to rest the market's constant speculation by vowing this week to cut production. But the market still has plenty to worry over.
Perhaps the chief concern is whether OPEC can cut production enough to balance a global market awash in more oil than it needs, while still preventing prices from rising so high that sidelined U.S. producers to start pumping again.
Just one day after the decision, International Energy Agency chief Fatih Birol told a conference that OPEC's decision could indeed embolden U.S. drillers. He warned that the oil market is entering a period of greater price fluctuations.