Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag

Saudi Arabia and allied oil producing countries face a decision on whether to extend production cuts. And that could push oil prices higher as the summer travel season increases demand for fuel and as the U.S. presidential election contest heats up. The OPEC+ alliance, made up of members of the Vienna-based producers cartel and allied countries, including Russia, is holding an online meeting but the cuts in question are a matter for a smaller group led by Saudi Arabia. Those countries previously cut some 2.2 million barrels per day to support prices that are weaker than the Saudis and other coalition members would like.