President Biden warned of “consequences” for Saudi Arabia after OPEC-plus dismissed U.S. objections and said it would slash crude production, a move that could send global oil prices and gasoline costs for Americans surging.

The Biden administration said the plan by the cartel, to cut output by up to 2 million b/d next month, would exacerbate already lofty inflation and could push the global economy into recession if businesses and consumers are forced to scale back spending in the face of soaring costs. Biden had lobbied Saudi officials to maintain or even increase production to put downward pressure on oil prices. OPEC-plus is headed by Saudi Arabia and Russia.

Brent crude prices were off more than 1% Wednesday amid economic fragility concerns. However, at around $92.50/bbl,...