Gas prices will surge in coming weeks after OPEC cuts production, analysts say

Gasoline prices are likely to increase ahead of peak driving season as a result of the announcement Monday that several oil-rich nations will cut oil production, multiple analysts told FOX Business.

On Monday, the Organization of the Petroleum Exporting Countries (OPEC) announced massive oil production cuts in a potential blow to global energy markets. As part of the announcement, OPEC members, led by Saudi Arabia and joined by Iraq, the United Arab Emirates, Kuwait and other Middle Eastern countries, will reduce oil drilling by about 1.16 million barrels per day.

"People that didn't think we're going to hit $4, better think that again — $4 a gallon is probably a given," Phil Flynn, a senior market analyst with Price Futures Group, told FOX Business in an interview. "Whether we get to $5 is going to depend on a lot of things."