# OPEC cuts crude production **URL:** \ **Category:** Power/Fuel\ **Created:** [April 3, 2023, 1:24pm UTC](https://community.cartalk.com/t/opec-cuts-crude-production/189915 "2023-04-03T13:24:11Z")\ **Posts on this page:** 5\ **Page:** 1
**Author:** ![jtsanders](https://avatars.discourse-cdn.com/v4/letter/j/c2a13f/32.png) [@jtsanders](https://community.cartalk.com/u/jtsanders)\ **Post date:** [April 3, 2023, 1:24pm UTC](https://community.cartalk.com/t/opec-cuts-crude-production/189915/1 "2023-04-03T13:24:11Z")
OPEC announced costs in oil production that will likely result in US average prices for regular gasoline over $4/ gallon this coming summer. > **[Saudis, other oil giants announce surprise production cuts](https://apnews.com/article/saudi-oil-production-cut-6d34316ce6820c749d2a6cd66a9fffea)** > > Saudi Arabia and other major oil producers say they will cut oil production by 1.15 million barrels per day from May until the end of 2023. The Saudi Energy Ministry said Sunday that its cuts of 500,000 barrels per day were in addition to a reduction... ---
**Author:** ![VDCdriver](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/vdcdriver/32/30_2.png) [@VDCdriver](https://community.cartalk.com/u/VDCdriver)\ **Post date:** [April 3, 2023, 6:24pm UTC](https://community.cartalk.com/t/opec-cuts-crude-production/189915/2 "2023-04-03T18:24:04Z")
> **[Oil prices surge after surprise move to cut output](https://www.bbc.com/news/business-65157555)** > > Economists warned that higher oil prices could make it harder to bring down the cost of living. ---
**Author:** ![VDCdriver](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/vdcdriver/32/30_2.png) [@VDCdriver](https://community.cartalk.com/u/VDCdriver)\ **Post date:** [April 3, 2023, 7:04pm UTC](https://community.cartalk.com/t/opec-cuts-crude-production/189915/3 "2023-04-03T19:04:38Z")
Predictably, the prices of the major oil stocks are surging today, which is further evidence that oil companies don’t just “pass along their increased supply costs”. Good times ahead for the oil companies, apparently. _[Marathon Oil](https://www.marketwatch.com/investing/stock/MRO?mod=MW_story_quote) surged (MRO) 8.9%, [ConocoPhillips](https://www.marketwatch.com/investing/stock/COP?mod=MW_story_quote) (COP) jumped 7.5%, [Halliburton](https://www.marketwatch.com/investing/stock/HAL?mod=MW_story_quote) (HAL) climbed 7.3%, [Exxon Mobil](https://www.marketwatch.com/investing/stock/XOM?mod=MW_story_quote) (XOM) rose 5.5%, [Chevron](https://www.marketwatch.com/investing/stock/CVX?mod=MW_story_quote) (CVX) rose 3.9%, [Occidental Petroleum](https://www.marketwatch.com/investing/stock/OXY?mod=MW_story_quote) (OXY) gained 4.7%, U.S.-listed shares of [BP](https://www.marketwatch.com/investing/stock/BP?mod=MW_story_quote) (BP) were up 4.7%, and [Shell](https://www.marketwatch.com/investing/stock/SHEL?mod=MW_story_quote) (SHEL) gained 4.6%_ > **[Marathon Oil, ConocoPhillips, Tesla, Plug Power, WWE, and More Stock Market...](https://www.marketwatch.com/articles/stock-market-movers-e22f99c3?mod=search_headline)** > > Shares of Marathon Oil, ConocoPhillips, and other energy giants surge after OPEC+ surprises markets with a cut in oil production, Tesla sets a quarterly record for electric-vehicle deliveries, and WWE is being acquired by Endeavor Group. ---
**Author:** ![Cavell](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/cavell/32/43396_2.png) [@Cavell](https://community.cartalk.com/u/Cavell)\ **Post date:** [April 3, 2023, 9:34pm UTC](https://community.cartalk.com/t/opec-cuts-crude-production/189915/4 "2023-04-03T21:34:02Z")
and US oil producers wont increase production because they dont want too? ---
**Author:** ![texases](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/texases/32/862_2.png) [@texases](https://community.cartalk.com/u/texases)\ **Post date:** [April 3, 2023, 10:08pm UTC](https://community.cartalk.com/t/opec-cuts-crude-production/189915/5 "2023-04-03T22:08:04Z")
US production has been going up, about 1 million barrels per day per year since the covid collapse. Won’t be able to add another million barrels a day in short order, it’ll take time.