The Organization of Petroleum Exporting Countries will continue curbing oil output through March 2018, opening the door for more production in the United States.
Late last year, OPEC -- along with Russia -- agreed to cut production.
The cartel wanted to boost oil prices amid an oversupply of crude on the global market.
But OPEC's cuts gave the United States an opportunity to fill in the gap. Oil production here soared and prices have moved up, but more slowly than anticipated.