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SCHWEDT, GERMANY - MAY 03: In this aerial view, huge tanks for crude oil of the PCK oil refinery, which is majority owned by Russian energy company Rosneft and processes oil coming from Russia via the Druzhba pipeline, stands on May 3, 2022 in Schwedt, Germany. European Union member states are to meet later this week to possibly agree on a phased-in ban on oil imports from Russia after Germany, which relies heavily on Russian energy imports, recently said it was willing to support a ban. (Photo by Hannibal Hanschke/Getty Images)

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SCHWEDT, GERMANY - MAY 03: In this aerial view, huge tanks for crude oil of the PCK oil refinery, which is majority owned by Russian energy company Rosneft and processes oil coming from Russia via the Druzhba pipeline, stands on May 3, 2022 in Schwedt, Germany. European Union member states are to meet later this week to possibly agree on a phased-in ban on oil imports from Russia after Germany, which relies heavily on Russian energy imports, recently said it was willing to support a ban. (Photo by Hannibal Hanschke/Getty Images)

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A visitor walks past US multinational telecommunications AT&T logo during the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona on February 26, 2024. The world's biggest mobile phone fair throws open its doors in Barcelona with the sector looking to artificial intelligence to try and reverse declining sales. (Photo by PAU BARRENA / AFP) (Photo by PAU BARRENA/AFP via Getty Images)

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FILE PHOTO: Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., October 25, 2023. Dave Sanders/Pool via REUTERS/File Photo

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--FILE--Zhong Shanshan, Chairman of Nongfu Spring Co., Ltd., delivers a speech at a press conference in Beijing, China, May 6, 2013. Shares of Chinese bottled water giant Nongfu Spring surged more than 85% in their debut on the Hong Kong stock market. The stock opened at 39.80 Hong Kong dollars per share ($5.14), more than 85% higher than its initial public offering price of 21.50 Hong Kong dollars ($2.77). *** Local Caption *** fachaoshi (Photo by Jiang Xin/ChinaImages/Sipa USA)

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Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 3, 2024, in New York City. Wall Street stocks slumped to start Wednesday with all three major US indices in the red and key names such as Facebook parent Meta Platforms and Nvidia falling. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

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ROCK HILL, SOUTH CAROLINA - FEBRUARY 23: Republican presidential candidate and former President Donald Trump speaks during a Get Out The Vote rally at Winthrop University on February 23, 2024 in Rock Hill, South Carolina. Former President Trump is campaigning in South Carolina ahead of the state's Republican presidential primary on February 24. (Photo by Win McNamee/Getty Images)

Real estate CEO says Trump could sell Mar-a-Lago ‘quickly’ to secure $464 million bond

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New York CNN  — 

OPEC and its allies’ surprise move to slash oil production will soon be felt at US gas pumps.

The group known as OPEC+ announced Sunday it would cut oil production by more than 1.6 million barrels a day starting in May, running through the end of the year. The news sent both Brent crude futures, the global oil benchmark, and WTI, the US benchmark, up about 6% in trading Monday.

The production cut announcement also had an immediate impact on gasoline futures, which will be passed onto US drivers much more quickly than the spike in oil prices. RBOB, the most closely watched wholesale gasoline price, was up about 8 cents a gallon, or about 3%, in morning trading.

“I think OPEC is reawakening the inflation monster,” said Tom Kloza, global head of energy analysis for OPIS, which tracks gas prices for AAA. “The White House has to be shocked and major-time pissed. It certainly alters the calculus for a while.”

The national average for US gas prices stood at $3.51, on Monday, according to AAA. Kloza said he could see it getting up to $3.80 to $3.90 in relatively short order thanks to the move by OPEC.

“We’re not going to get back to $5 a gallon. I don’t think we’re even going as high as $4,” he said. But he said by the end of the summer US drivers could be back above year-earlier prices, especially if there is a hurricane or other storms affecting production along the Gulf Coast.

The average US regular gas price a year ago stood at $4.19 a gallon in the wake of Russia’s invasion of Ukraine and the disruption that caused to world’s energy markets. Prices eventually reached a record $5.02 a gallon on June 14, before starting a slow but steady decline over the course of more than three months during which the average price fell every day. The decline was partly driven by the release of oil from the US Strategic Petroleum Reserve, and partly by concerns that there could be a US or global recession that reduced the demand for gasoline.

Even at $3.51, US gas prices were just below the $3.53 average on Feb. 23, 2022, the day before Russia’s invasion of Ukraine.

Kloza said one thing keeping prices from getting anywhere near the record levels of 2022 is that the US plans additional releases from the SPR, and US oil production and refining capacity are both up. But a cut of 1 million barrels a day of oil by OPEC+ will not be easy to make up.

“They have ability to cut production and they seem motivated to do so,” he said.