With oil prices slumping, OPEC+ producers weigh more production cuts

The major oil-producing countries led by Saudi Arabia and Russia are deciding whether to make more cuts to the amount of crude they supply to the global economy. Previous cuts from the OPEC+ alliance have done little more than keep prices from falling, and international benchmark Brent crude is only trading around $75 per barrel. That's less than dominant OPEC oil cartel member Saudi Arabia would like. Russia, the leader of the non-OPEC allies, has indicated it doesn't see a need to change production levels. Oil ministers are meeting Sunday to discuss oil output at OPEC headquarters in Vienna.