With oil prices slumping, OPEC+ producers weigh more production cuts

With oil prices slumping, OPEC+ producers weigh more production cuts

The major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to US drivers and helped ease inflation worldwide.

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The 23-member group is meeting Sunday at OPEC headquarters in Vienna after sending mixed signals about possible moves.

Saudi Arabia, dominant among the group’s members, has warned speculators that they might get burned by betting on lower prices. Russia, the leader of the non-OPEC allies, has indicated no change to output is expected.

The decision comes amid uncertainty about when the slow-growing global economy will regain its thirst for fuel for travel and industry, and with producers counting on oil profits to bolster their coffers.

Oil prices have fallen even after OPEC+ slashed 2 million barrels per day in October, angering US President Joe Biden by threatening higher gasoline prices a month before the midterm elections. Then, several OPEC members led by the Saudis made a surprise cut of 1.16 million barrels a day in April.

International benchmark Brent crude climbed as high as