Can gasoline prices keep falling after OPEC+ oil output cuts? What drivers need to know.

U.S. drivers don’t need to be too concerned about the first-quarter oil output cuts announced by major producers this week, but an extension of the reductions beyond March would be cause for worry when it comes to gasoline prices at the pump.

On Thursday, the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, announced that several of its members agreed to make voluntary reductions to their crude production in the first three months of 2024.

The reductions total 2.2 million barrels and include an extension of a voluntary output cut already in place from Saudi Arabia for 1 million barrels a day, and from Russia for a 300,000 barrel-a-day cut in crude exports.