Dec 1 Reuters Oil prices pared losses on Friday, after falling sharply in early trade and by over 2 on Thursday on perceptions that the voluntary oil output cuts agreed by OPEC producers were underwhelming.

Brent crude futures for February rose 6 cents, or 0.1, to 80.92 a barrel by 0820 GMT. U.S. West Texas Intermediate crude futures rose 17 cents, or 0.2, to 76.13.

OPEC, which pumps over 40 of the world39;s oil, is focusing on reducing output as prices have fallen from about 98 in late September amid concerns over weaker economic growth in 2024 and expectations of a supply surplus.

Saudi Arabia, Russia and other members of OPEC agreed to voluntary output reduction of 900,000 bpd in addition to extending 1.3 million bpd in production cuts already in place. Delegates had earlier discussed as much as 2 million bpd in new output curbs.

Goldman Sachs said its December forecast for Brent was moderately tilted to the downside of its previously estimated range, calling the oil producers39; move a temporary response, and difficult to implement.

The market had started to price in a large probability of extra cuts, including a potential longerlasting and official nonvoluntary cut, Goldman said in a note on Friday, but kept its 2024 price outlook due to an expected slowdown in U.S. supply growth and low OPEC supply.

Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Kazakhstan and Algeria were among producers who said cuts, which amounted to 2.2 million bpd in total, will be…