Saudi Arabia and other Gulf suppliers may have agreed to cut oil production again starting next month, but by all indications the taps are set to remain wide open until then — swelling stockpiles for at least a few more weeks.

Diesel fuel prices continued their steady downward slide April 13, according to the Energy Information Administration.

Mexico says it has reached an agreement with the United States that will allow it to agree to a deal on production cuts with OPEC, Russia and other countries.

OPEC expects there will effectively be no growth in global oil demand this year, slashing its forecasts as the coronavirus hits the world economy.

OPEC+ talks ended in dramatic failure, signaling the possible end of a diplomatic alliance between Saudi Arabia and Russia that has underpinned crude prices and changed the balance of power in the Middle East.

OPEC ministers took a high-stakes gamble, recommending a large production cut to offset the hit on demand from the coronavirus, without overcoming Russian opposition first.

Oil advanced for a second day after an OPEC+ committee recommended a larger supply cut to offset lost demand from the spread of the coronavirus.

Oil held near $50 a barrel in New York on signs that OPEC and its allies probably won’t go ahead with a much-touted emergency meeting, even as a global oversupply piles up.

The OPEC oil-producing countries and ally Russia said Dec. 6 they have agreed to cut their crude production by an extra 500,000 barrels a day as they try to support global energy prices.

The world may be heading for an even greater oversupply of oil, and that possibility — which could drive down fuel and energy prices — is hanging over members of the OPEC cartel as they head into negotiations Dec. 5.