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In recent news, OPEC and its allies surprised the market by announcing a cut in oil production, which is expected to impact gas prices in the US. The group, known as OPEC+, revealed a plan to reduce oil production by over 1.6 million barrels a day starting in May through the end of the year. This news caused both Brent crude futures and WTI to increase by around 6% in trading on Monday.
The immediate impact of this production cut was felt in gasoline futures, leading to an increase in prices that US drivers will see sooner rather than later. The wholesale gasoline price, RBOB, went up by approximately 8 cents per gallon in morning trading, which is about a 3% increase.
According to Tom Kloza, the global head of energy analysis for OPIS, this move by OPEC is likely to push gas prices in the US higher, potentially reaching $3.80 to $3.90 in the near future. While we may not see prices climb to the levels experienced in 2022, factors like hurricanes or other production disruptions along the Gulf Coast could further impact prices. Despite these challenges, the US government plans to release more oil from the Strategic Petroleum Reserve to help stabilize the market.
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