Oil futures were little changed Thursday morning after the Organization of the Petroleum Exporting Countries and its allies, as expected, agreed to further postpone a proposed unwinding of production cuts.

So we have seen U.S. production climbing. The U.S. is the largest oil producer in the world now by quite a margin. So the U.S. produces 13.5 million barrels a day, while Saudi Arabia and Russia are only around 9 million barrels a day now as they’re trying to keep that production reined in to support prices.

Oil prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an OPEC+ decision to delay output hikes and extend deep production cuts to the end of 2026.

Oil futures finished lower on Thursday after the Organization of the Petroleum Exporting Countries and its allies, as expected, agreed to further postpone a proposed unwinding of production cuts in the face of ample global supply and shaky demand from China.

Oil prices fell 1% on Friday and were headed for a weekly loss as analysts projected a supply surplus next year despite an OPEC+ decision to delay output hikes and extend deep production cuts to the end of 2026.

The OPEC+ decision to again delay adding more barrels can't be untethered from President-elect Trump's looming move back into the White House. Catch up quick: OPEC+ producers on Thursday postponed plans to begin unwinding 2.

Oil posted a weekly loss as analysts projected a “significant” supply surplus in 2025, despite an Opec+ decision to extend its voluntary output cuts of 2.2 million barrels a day until the end of March next year.