Momentum is building among oil producers behind the idea of cutting crude production to stabilize the market, with OPEC’s president the latest to back Saudi Arabia’s suggestion that the alliance might pump less—comments that pushed the price of a barrel back over $100 earlier this week.
The growing consensus among members of the Organization of the Petroleum Exporting Countries and its Russian-led allies, known as OPEC+, threatens to keep energy prices elevated despite Biden administration efforts to get the members to pump more.