“This could lead to a drilling free-for-all in the U.S. and also see other signatories waver in their commitments,” said Jeffrey Halley, senior market analyst at futures brokerage OANDA.

He added that the move could complicate the market outlook in a way that “would not be favorable to oil prices”.

U.S. crude production last week already stood nearly 500,000 barrels per day (bpd) above the year-earlier level, straining OPEC’s efforts to drain a global overhang.

A week ago, the Organization of the Petroleum Exporting Countries and a number of non-OPEC producers met in Vienna to roll over a deal to cut 1.8 million bpd from the market for a further nine months, until March 2018.

But oil prices tumbled after the agreement was reached, as some had hoped for deeper cuts.

On Friday, Igor Sechin, chief of Russia’s largest oil producer, Rosneft, said U.S. oil producers could add up to 1.5 million bpd to world oil output next year.

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