Oil prices increase ahead of Opec+ meeting on extended output cuts

WASHINGTON (Reuters) - The Trump administration believes ahead of an expected OPEC+ meeting this week that major oil producers such as Saudi Arabia and Russia will honor their pledges to cut crude production and will not damage the global economy by changing course, a senior official said on Tuesday.

"We trust that other major oil producers will not revert to policies that impede an orderly and swift recovery from these unprecedented global economic conditions," a senior administration official told Reuters in response to a question about the administration's approach to global oil producers ahead of the OPEC+ meeting expected on Thursday.

In early April, when Saudi Arabia and Russia boosted oil output in a war for market share during the height of the coronavirus pandemic - action that strangled fuel demand and slammed crude prices - the administration took an aggressive stance.