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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.

Supply is back in the driver’s seat for global crude markets, as rising production from non-OPEC+ nations including the U.S. may outstrip global demand that’s growing at a slower pace.

The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Nov. 30, expanding some output cuts into next year.

Crude rallied as lower OPEC production and signs of shrinking U.S. oil inventories bolstered expectations for an end to the global surplus.

Oil climbed Oct. 13 as dwindling U.S. crude stockpiles and near-record Chinese imports signaled the worldwide glut is eroding.

Oil advanced to the highest level since May after U.S. gasoline stockpiles plunged to a 22-month low and exports of crude and fuels surged.

Oil topped $50 a barrel for the first time and closed at a six-week high amid heightened optimism that a demand resurgence is in the offing.

Oil slipped after an industry report was said to show a smaller-than-anticipated U.S. crude inventory decline.

Oil traded at its lowest in more than a week in New York on signs U.S. production is continuing to recover, undermining OPEC’s efforts to clear a global glut.