The possibility of further oil production cuts by OPEC Plus is being weighed as the price of oil declines. Members of the group, including Russia, are meeting in Vienna this weekend to discuss the situation, which has pushed Brent crude down more than 12% since mid-April to around $76 a barrel. The fall reflects concerns about a global economic slowdown, which in turn is creating fears among investors and traders of weaker demand for commodities. Since orchestrating a first round of cuts on 2 April, Saudi oil minister Prince Abdulaziz bin Salman, the co-chairman of OPEC Plus, has suggested that further cuts could be made to punish those he called “speculators” that are betting on falling prices. However, some analysts have suggested that broad macroeconomic concerns have driven recent oil price declines and that further cuts are unlikely to have any effect.
