Officials from major oil-producing nations are expected to agree this week to boost output, but just how much is up in the air.
Ministers from the Organization of the Petroleum Exporting Countries and non-OPEC nations led by Russia are meeting Friday and Saturday in Vienna. The cartel’s largest producer, Saudi Arabia, wants higher prices but hears President Donald Trump, leader of its most important ally, lobbying openly for lower prices.
The U.S. average for gasoline is $2.87 a gallon. Patrick DeHaan, an analyst for price-tracking service GasBuddy, says a middling OPEC increase in production won’t necessarily cause prices to drop but would make further increases this summer less likely.
A big OPEC deal could cause pump prices to fall to the $2.60s or $2.70s this summer. —AP