NEW YORK (TheStreet) --CNBC's Bob Pisani explained his skepticism about the reported OPEC agreement to reduce oil production.
"There has yet to be any official confirmation out there. Remember the only thing we have officially is the Saudis said we will not cut production unless the Iranians go along with us," Pisani explained.
The Iranians have conversely said that instead of reducing their oil production, which stands at 3.6 million barrels per day, they want to increase it to 4.2 million barrels per day which was its previous level pre-embargo, he noted.
"These are contradictory statements here, so unless the Saudis are acting unilaterally here you should be suspicious of any kind of word of this so far," Pisani said.
The market overall bounced back on Wednesday with The Dow Jones, NASDAQ, and S&P 500 all closing in the green.