Pump Patrol: OPEC making significant cuts to oil production

The Organization of the Petroleum Exporting Countries says it plans on making big cuts to oil production starting in November.

News 12 Staff

Oct 6, 2022, 2:17 AM

Updated 595 days ago

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The Organization of the Petroleum Exporting Countries says it plans on making big cuts to oil production starting in November.
They say they plan to cut production by 2 million barrels per day. That means drivers could see a slight bump up at the pump. But experts told News 12 it doesn't mean you'll see the prices jump as high as it did earlier this year.
"Global oil production on a daily basis is 100 million barrels, so 1 million being taken off the market or 2 million is only 1 or 2%,” said AAA’s Robert Sinclair.
Other factors that could also affect the prices at the pump – demand. 
"The demand for gasoline has been down since mid-June and that's why we've seen prices falling so significantly,” Sinclair added.
With the colder months approaching, demand for gas also tends to go down as people like to stay inside to keep warm.


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