OPEC+ oil cuts probably won’t move gas prices

Thousands of miles away from Americans budgeting for their summer road trips. OPEC+ leaders decided Sunday to stick with crude-oil production cuts lasting through 2025. This is while laying out a plan to begin phasing out another tier of output curbs beginning in the fourth quarter.

Though crude-oil prices are easily the top cost inside a gallon of gas. Drivers at the pump shouldn’t expect big price moves as a direct result of the OPEC+ decision, gas experts say.

Gas-price increases could hinge on what type of hurricane season comes to the Gulf Coast. Its oil refineries later this summer they note. Weather forecasters have been bracing for a very active hurricane season.

Americans have been holding their breath on upcoming expenses, with many looking to road trips as affordable summer fun.

But first, put it in reverse to see what the Organization of the Petroleum Exporting Countries and its allies decided at its Sunday meeting.

OPEC+ agreed to extend two different production cuts totaling 3.66 million barrels day through 2025. These curbs were supposed to conclude at the end of this year but were widely expected to be rolled over into next year.

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Source: Market Watch

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