Oil production

The U.S. joins Russia and Saudi Arabia at the top of the new oil order

President Trump, Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin. Photos: Getty Images

In the near-term, the new OPEC+ deal may have steadied the volatile market; while in the long-term, the U.S. influence on global markets is now massive.

The big picture: The International Energy Agency's latest oil market analysis is a CliffsNotes look at how the U.S. has joined Russia and Saudi Arabia as entrenched members of the super-producers club. The U.S. pumps well over 11 million barrels of crude per day and climbing.

Oil prices volatile after OPEC-Russia deal

Saudi and Russia energy ministers
Saudi Energy Minister Khalid al-Falih (L) and Russian Energy Minister Alexander Novak at a meeting of OPEC and non-OPEC members. Photo: Amer Hilabi/AFP/Getty Images

The big energy market news over the weekend was OPEC and Russia agreeing in Vienna Friday to curb output by 1.2 million barrels per day compared to October levels.

Why it matters: The decision to curb output starting in January quickly boosted prices a bit, though they remain far below where they were 2 months ago.

More stories loading.