Big oil producers decided to stick with a scheduled increase, rejecting calls for a bigger boost in production.
In the short run, trends in the oil market may be favoring large producers like Saudi Arabia and Russia.
Oil prices rose to levels not seen since February. The two major oil producers had been moving in lock step since an April agreement to cut output.
As lockdowns ease, the Saudis and their allies see room to increase their output. But the spread of the virus “is casting a shadow” over their plans.