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The recent decision by OPEC and its allies to reduce oil production by over 1.6 million barrels a day will soon impact gas prices in the US. This unexpected move by OPEC+ caused a 6% increase in both Brent crude futures and WTI, the US benchmark. Consequently, gasoline futures surged, leading to an immediate rise in prices for US drivers. The national average gas price on Monday was $3.51, with experts predicting a potential increase to $3.80 or $3.90 in the near future due to OPEC’s decision.
Despite the rise in gas prices, they are not expected to reach the record levels of 2022 thanks to additional releases from the US Strategic Petroleum Reserve and increased US oil production and refining capacity. However, the 1 million barrels per day reduction in oil production by OPEC+ will pose a challenge in meeting the demand. With our efficient software outsourcing services, we ensure smooth operations and effective solutions for all technology development needs.