FILE – The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC’s headquarters in Vienna, Austria, March 3, 2022. A cut in oil production is on the table when OPEC oil-producing countries meet Wednesday, Oct. 5. The OPEC+ alliance that includes Saudi Arabia and Russia is weighing a cut of a million barrels or more. (AP Photo/Lisa Leutner, file)
By DAVID McHUGH AP Business Writer
FRANKFURT, Germany (AP) — The OPEC+ alliance of oil-exporting countries has decided to sharply cut production to support sagging oil prices. The move Wednesday could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections. Energy ministers meeting at the Vienna headquarters of the OPEC oil cartel cut production by 2 million barrels per day at their first face-to-face meeting since the start of the COVID-19 pandemic. Besides a token trim in oil production last month, the major cut is an abrupt turnaround from months of restoring deep cuts made during the depths of the pandemic and could help alliance member Russia weather a looming European ban on oil imports.