LONDON — Haunted by recent memories of oversupply and plunging prices for crude, key OPEC members aim to curtail their production amid signs of U.S. economic frailty and fears of a weakening demand for oil.

        OPEC representatives are expected to approve a cut of at least 1.5 million barrels a day when they meet Wednesday in Vienna, Austria, despite appeals from the United States and the European Union.

        A reduction of that amount would equal about 5 percent of the cartel's current output.

        The Organization of Petroleum Exporting Countries supplies almost two-fifths of the world's crude, and it wants to keep prices firm — and revenues flowing — even if the U.S. slowdown infects the economies of other major oil-importing nations.

        In a highly unusual move that underscores OPEC's determination, Saudi Arabia, the cartel's biggest producer, already has alerted cus tomers it plans to pump less oil starting next month, energy analysts said.

        “It seems to be almost a foregone conclusion that there will be a cut,” said Mehdi Varzi, a senior oil analyst at Dresdner Kleinwort Benson, an investment bank in London.

        Said Peter Gignoux, head of the petroleum desk at Salomon Smith Barney: “The surprise would be if this doesn't happen.”

        Monday, the European Commission, the EU's executive arm, urged the cartel not to cut production.

        The 15-nation EU, along with the United States, would like to see oil prices remain between $20 and $28 a barrel.

        “The fear is that this action is a bit hasty,” EU spokesman Gilles Gantelet said.

        “This gives rise to a yo-yo effect” in prices, he said.

        However, the implications for consumers are unclear, primarily because Iraq continues to withhold the bulk of its crude from market. Iraq is embroiled in a pricing dispute with the United Nations, which regulates all Iraqi exports.

        If Iraq resumes exporting normally next month, the anticipated OPEC cutback won't do much to unsettle prices, analysts said. However, if Iraq stays out of the market in February, the combined effect of a cut in OPEC production would likely cause a shortage of oil.

        “You could see prices back above $30 again,” Varzi said.

        Oil prices peaked at more than $35 last year, then drifted lower before rebounding this month.

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