Major oil producers on Thursday refused to accelerate plans to gradually lift oil production each month, raising the potential for the U.S. to take advantage of prices for the commodity, which trade close to multiyear highs.

Time will tell if oil prices continue to climb and “whether or not improved economics will induce companies to reconsider spending plans that have been restrained by the capital markets’ reticence toward fossil fuels,” said Andy Brogan, global oil and gas leader at professional services network EY.

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