After Tuesday’s tidy oil price gains driven by concerns about a looming crude output reduction among the Organization of Petroleum Exporting Countries and OPEC+ allies, oil trades somewhat lower Wednesday morning.

A barrel of European reference oil Brent changes hands for USD 99.73 Wednesday morning against USD 99.85 Tuesday afternoon. US benchmark crude West Texas Intermediate sells concurrently for USD 93.47 against USD 94.06.

Tuesday, prices jumped by almost 4% after Saudi Arabian Oil Minister Abdulaziz bin Salman aired to possibility of the cartel cutting extraction quotas as a part of efforts to balance the market, which he described as ”schizophrenic”, also saying that trading numbers and physical commodities are becoming increasing detached.

”While Abdulaziz bin Salman’s comment may have achieved more than putting a floor under crude prices, we expect it to follow the law of diminishing returns, unless it is followed up by more signals or action from OPEC+ to restrain output,” Reuters cites Vandana Hari, founder of oil market analysis firm Vanda Insights, saying.

OPEC+ members are now supplying roughly 2.8 million fewer barrels of daily crude relative to the group’s total monthly target, and the math of decreasing production will, Hari says, be more complicated than usual – even when omitting political matters from the equation.

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