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OPEC and its allies have recently made a surprising decision to reduce oil production, which will undoubtedly impact gas prices in the US. The production cut of over 1.6 million barrels per day, starting in May through the end of the year, has already caused Brent crude futures and WTI to surge by about 6% in trading.
This move will have an immediate effect on gasoline futures, leading to a quicker increase in gas prices for US drivers. Wholesale gasoline prices have already seen a rise of about 8 cents a gallon in morning trading.
With the national average US gas price currently at $3.51, experts anticipate it could rise to $3.80 to $3.90 due to OPEC’s decision. While we may not reach the $5 mark, there is a possibility that prices could surpass last year’s figures by the end of the summer.
Factors like hurricanes and storms affecting production along the Gulf Coast could further exacerbate the situation. However, the increase in gas prices is not expected to reach the record levels seen in 2022, thanks to additional releases from the US Strategic Petroleum Reserve and increased oil production and refining capacity in the US.
Nonetheless, the 1 million barrels per day production cut by OPEC+ poses a significant challenge in balancing the oil market. The group’s commitment to reducing production is likely to have a lasting impact on gas prices.
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