OPEC and its allies’ recent decision to reduce oil production is set to impact US gas prices in the near future. The group, OPEC+, has shared plans to decrease oil production by over 1.6 million barrels per day, starting in May until the end of the year. This move has caused both Brent crude futures and WTI to rise approximately 6% in trading on Monday.
This decision will not only affect oil prices but will also have a direct effect on gasoline futures, leading to higher prices for US drivers sooner rather than later. RBOB, the primary wholesale gasoline price, saw an increase of around 8 cents per gallon, equating to about a 3% rise in morning trading.
With the national average for US gas prices at $3.51 on Monday, the prices are expected to climb higher. Experts anticipate a range between $3.80 to $3.90 in the near future due to OPEC’s actions. However, despite these increases, prices are not projected to reach the levels seen during previous spikes in the market.
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