OPEC + agreed to pause its plans to continuously increase production in 2026, as its monthslong production hikes had stoked fear among global and U.S. producers that increased supply would push the market to an oil glut and further depress prices.

Since April, OPEC+ has increased production by more than 2.5 million barrels per day, causing crude prices to toe and even fall below the $60 barrel line.

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Many domestic oil and gas executives said this price level was one at which pursuing new drilling in the United States was no longer profitable, es

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