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The recent decision by OPEC+ to reduce oil production is anticipated to impact US gas prices in the near future. The production cut of more than 1.6 million barrels per day is set to begin in May and will continue until the end of the year. This announcement caused a 6% increase in both Brent crude futures and WTI, the US benchmark, during Monday’s trading.
The effect of the production cut will also be felt by US drivers through an immediate rise in gasoline futures. RBOB, a prominent wholesale gasoline price indicator, surged by approximately 8 cents per gallon, reflecting a 3% increase in morning trading.
“I think OPEC is reawakening the inflation monster,” expressed Tom Kloza, global head of energy analysis for OPIS. The rise in gas prices is expected to prompt an increase in the national average gas price, which currently stands at $3.51. Kloza projects it could climb to $3.80 to $3.90 in short order due to the OPEC decision.
Despite the anticipated rise, US gas prices are not likely to reach the previous highs of $5 per gallon. This is partly attributed to the additional oil releases from the US Strategic Petroleum Reserve and the increased US oil production and refining capacity. However, the 1 million barrel per day production cut by OPEC+ presents challenges in balancing the global oil market.
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