Analysts are weighing whether a Friday decision by the Organization of the Petroleum Exporting Countries and its allies to cut output by a collective 1.2 million barrels a day starting in January will be enough to curb a burgeoning supply glut. Prices initially surged after the agreement on Friday, but some analysts said exemptions to Iran, Libya, Venezuela and Nigeria and record U.S. output continue to stoke oversupply fears. Anxiety about the OPEC cuts not being enough to balance the market has coalesced with worries about weaker-than-expected demand, sending U.S. crude down 33% from its Oct. 3 multiyear high. “The market doesn’t think [the cuts are] enough or for a long enough period of time, and given that world oil demand forecasts have been revised downwards over the last few months, it just adds to the gloom that’s been pervading the oil market,” said Andy Lipow, […]