OPEC+ mulls large oil cutback to boost prices

FRANKFURT, Germany: The Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers would debate on Wednesday a potentially large cut in the amount of crude it ships to the global economy, a move that could help Russia weather a looming European ban on oil imports and raise gasoline prices for American drivers.

Energy ministers from the Saudi Arabia-led OPEC and its allied nonmembers led by Russia — an alliance known as OPEC+ — are meeting in person at the group's headquarters in Austria's capital Vienna for the first time since early 2020 at the start of the coronavirus pandemic.