OPEC+ Cuts Oil Production by 1.6 Million Barrels Daily, Driving US Gas Prices Higher
OPEC+ surprise oil cut boosts US gas prices
On April 3, 2023, OPEC+ announced a surprise oil production cut of over 1.6 million barrels per day starting in May and running through the end of the year. The decision immediately sent Brent and WTI crude futures up about 6% and RBOB gasoline futures up about 8 cents per gallon. US gas prices, averaging $3.51 per gallon on Monday, were projected to reach $3.80-$3.90 soon, with potential to exceed year-ago levels by summer. This move reverses the steady decline from a 2022 peak of $5.02 per gallon, driven by SPR releases and recession fears. The cut, combined with reduced SPR releases and increased US production, will make up for the lost supply difficult. Prices may not hit $5 per gallon but could climb above $4 per gallon if Gulf Coast storms affect production.
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