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FRANKFURT, Germany — Eight members of OPEC+ decided Dec. 5 to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries.

With OPEC+ set to make a pivotal decision on production policy, oil prices remain resolutely rangebound, even with a second Donald Trump presidency imminent.

Oil and gas producers in the U.S. will not raise output significantly in the coming years despite calls from President-elect Donald Trump to “drill, baby, drill,” said an Exxon executive.

OPEC+ has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the U.S. shale industry, Iran’s representative to the group said.

BP Plc anticipates strong growth in the U.S. as President-elect Donald Trump improves regulations on the oil and gas industry just as artificial intelligence boosts energy demand.

It’s the third time in a row that the group led by Saudi Arabia and Russia has turned a gathering scheduled for its Vienna headquarters into a virtual session.

The Texas-based company is accused of discharging hundreds of thousands of gallons of industrial wastewater containing excessive amounts of oil and grease.

The EU, US and other countries are hammering out a plan to throttle tens of billions of dollars of financial support for foreign oil and gas projects before Donald Trump moves into the White House.

U.S. Gulf Coast refineries are operating at their highest capacity for this time of year since 1992 as they capitalize on strong fuel demand from Mexico and Brazil.

Escalating tensions in the Middle East and U.S. relations with China pose the greatest concerns for Big Oil, according to some of the industry’s top executives.