OPEC’s decision to reduce oil production will likely lead to higher gas prices. Patrick DeHaan from GasBuddy warns that the impact will be felt across Indiana. Given Indiana’s price cycle, the effects may be seen sooner rather than later. He emphasizes that these OPEC cuts are unfavorable, especially considering that U.S. oil inventories have already significantly decreased compared to a year ago. DeHaan finds it surprising that most OPEC members plan to revise and lower their production numbers in 2024, with Saudi Arabia being the only immediate voluntary cutter, reducing production by 1 million barrels a day in July. GasBuddy reports the average gas price in Indiana as $3.48 as of Monday afternoon.
