OPEC+ faces what to do about lower oil prices; drivers cheer

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — Oil prices are sagging amid fears of recessions across the globe. OPEC and allied countries are weighing what to do about that when they meet online Monday. High oil prices were a bonanza for countries like Saudi Arabia over the summer, but now they’re well off those highs. Saudi Arabia’s oil minister has even said the group known as OPEC+ could cut production at any time. Oil has whipsawed between fears of recession in Europe and the U.S. and China’s slowdown over strict COVID-19 restrictions. Analysts think the group may simply leave production levels unchanged.