Ministers from OPEC+ on Wednesday said they would cut oil production by 2 million barrels a day in a move expected to raise gas prices.
since the COVID-19 pandemic and comes after prices dropped from $120 per barrel three months ago to about $90 per barrel amid concerns over a global economic recession, rising U.S. interest rates and a stronger dollar, reported Reuters.
U.S. gasoline prices are expected to yet again rise after the Biden administration worked to lower prices at the pump after they set record highs earlier this year.U.S. President Joe Biden speaks on the economy in the Eisenhower Executive Office Building in Washington, D.C., U.S., on Tuesday, Nov. 23, 2021. The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, JapaPrices at the pump range from $3.06 per gallon in Mississippi to as much as $6.
The rise in costs for gas on the West Coast is reportedly due to planned and unplanned refinery maintenance and an increase in demand, according to AAA and GasBuddy. The push to cut oil production despite diplomatic White House efforts with Saudi Arabia could signify the weakened relations between Washington and Riyadh.
Oil prices rose slightly on Tuesday after the previous day's rally, supported by expectations of a tighter market as output talks of OPEC+ nations were called off, but concerns that members may start to increase production capped gains.
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