The major oil producers known as OPEC+ did exactly what U.S. President Donald Trump has been asking for — and American producers may be the ones to soon pay the price.

As OPEC plans a major production increase, Trump touts falling fuel costs—but US oil producers warn of job cuts, rig shutdowns, and a reversal of America’s energy boom.

President Donald Trump’s campaign promise of U.S. “energy dominance” is running into a flood of OPEC crude oil — a surge of fuel production pushed by the Saudi leaders greeting him during his Mideast trip this week.

"Everyone is very concerned about the demand outlook because of the trade war," RBC Capital Markets head of commodities Helima Croft tells CNBC's Dan Murphy ahead of President Trump's Middle East visit and the May 5 OPEC+ meeting.

Brent traded above $64 a barrel, after closing 1.6% higher in the previous session, while West Texas Intermediate was near $62.

Terrel Hardin was at a diner along Route 66 in western Oklahoma when his phone rang with bad news: The engine on one of his oil rigs had broken. In times past it would be a straightforward $6,000 fix,