Exxon Mobil will raise capital spending next year as its $60 billion purchase of Pioneer Natural Resources increases its oil production plans, threatening to worsen an expected crude glut.

OPEC cut oil demand growth forecasts for this year and next for a fifth straight month, making its deepest reduction to the 2024 outlook so far after agreeing to extend its supply curbs.

The U.S. reversed its forecast for a crude glut next year and is now calling for a small oil-market deficit.

Chevron plans to slow production growth in the biggest U.S. oil field next year in the most definitive sign yet that President-elect Donald Trump faces an uphill battle to ramp up energy output.

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.

OPEC+ is making progress toward an agreement to delay its oil-production revival by another three months, delegates said.

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.

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.

Global oil markets face a surplus of more than 1 million barrels a day next year as Chinese demand continues to falter, the International Energy Agency said.