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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.

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.

OPEC cut its oil demand growth forecasts for this year and next for a fourth consecutive month as it belatedly recognized a slowdown in top consumer China.

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.

Saudi Arabia and allied oil producing countries said Nov. 3 they would postpone a plan to gradually increase oil output until the end of the year, extending their output cuts by one month.

OPEC and its allies aren’t likely to bring oil output back this year because producers are “making huge money” from refined products, according to Rystad Energy.