Oil prices could soar higher as Russia, others shrug off criticism from Biden administration - Fox Business

Payne Capital Management President Ryan Payne, Geltrude & Company founder Dan Geltrude and Price Futures Group senior market analyst Phil Flynn react to OPEC announcing oil output cuts on "The Claman Countdown."

Member countries of OPEC and their allies are considering further cuts to oil production that could send oil prices soaring.

The group, known as OPEC+ to include allies such as Russia, will meet Sunday to discuss another round of cuts to production for member countries, this time as much as 1 million barrels per day, sources told Reuters.

The cuts would come on top of existing cuts of 2 million barrels per day and voluntary cuts of 1.6 million barrels per day that were announced in April, three sources told the outlet.

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OPEC is considering an additional round of production cuts. (Reuters/Ramzi Boudina/File / Reuters Photos)

"We are discussing the full package [of changes to the deal]," one of the sources said.

That April announcement contributed to a spike in oil prices of about $9 per barrel to more than $87, though those prices quickly fell to $76 amid growing concerns about the global economy.

Members of OPEC+ and allies led by Russia are responsible for pumping about 40% of the world's crude oil, with their decisions having a dramatic effect on global prices.

The cuts would come on top of existing cuts of 2 million barrels per day and voluntary cuts of 1.6 million barrels per day that were announced in April. (iStock / iStock)

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The cuts have drawn criticism from the Biden administration and Western countries, arguing that OPEC policies have sent energy prices soaring and that they have taken the side of Russia amid its ongoing invasion of Ukraine. Meanwhile, OPEC+ countries say Western money-printing over the last decade is driving inflation and forcing measures to protect their most valuable export.

OPEC+ countries say Western money-printing over the last decade is driving inflation and forcing measures to protect their most valuable export. (AP Photo/Lisa Leutner/File / AP Newsroom)

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Many Western countries have responded to the invasion by sanctioning Russia and scaling back or stopping purchases of Russian oil. But some Asian countries, including China and India, have refused to join the sanctions and have been Russia's largest energy customers.

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