OPEC+ Meeting to Address Oil Production Cuts and Divided Market.

OPEC, Russia, and other oil-producing countries are meeting in Vienna to discuss the recent drop in oil prices, which have fallen more than 12% since mid-April due to fears of a global economic slowdown. Some analysts believe that the producers group will be reluctant to adjust production, while others suggest that further cuts may be necessary to prop up the market. The Saudi government wants crude to sell at $80 a barrel or higher to finance the national budget and ambitious development plans. The International Energy Agency recently increased its forecast for global oil demand growth this year by 10%, to 2.2 million barrels a day, and said demand would outstrip supply.