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OPEC to Raise Oil Production to Pre-COVID Levels

The nation’s average gas price increased 1.3 cents per gallon from a week ago to $3.16 per gallon. But relief may be on the way with oil production increases coming. The national average now stands 10.2 cents higher than a month ago and 98.0 cents higher than a year ago.

The national average price of diesel increased 2.0 cents in the last week and stands at $3.27 per gallon. U.S. gasoline demand rose slightly last week across most of the nation. Nationally, weekly gasoline demand rose 1.8 percent.

OPEC, however, plans to increase production monthly until 2022, reaching pre-COVID levels. Patrick De Haan, head of petroleum analysis for GasBuddy, says, “It’s a positive development in light of U.S. gasoline demand which rose nearly two percent last week, which should act as a loose ceiling on the price of oil.”

With the announced production increases, fuel prices are closer to seeing a peak in national averages.


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