What OPEC's 2 million-barrel cut could mean for U.S. gas prices. OPEC+ is jolting oil markets this week with plans to cut output — and the ripples could reach all the way to the U.S. midterm elections. Driving the news: The coalition of OPEC, Russia and allied producers on Wednesday announced cuts of 2 million barrels per day in Vienna Oil prices down 2% on U.S. rig count, underwhelming OPEC+ cuts. 2:59 PM ET Fri, 1 Dec 2023. Saudi Arabia, Russia and other members of OPEC+, agreed to voluntary output cuts of about 2.2 million OPEC's net oil export revenue 2021-2024. Published by N. Sönnichsen , Dec 12, 2023. OPEC's net oil export revenue was forecast to reach 656 billion U.S. dollars in 2023, a decrease from 2022. In The reason oil prices jumped by more than 7% in early London trading was that members of the Opec+ cartel agreed a surprise cut in production over the weekend. The move, led by Saudi Arabia, will The 23-member group is meeting Sunday at OPEC headquarters in Vienna after sending mixed signals about possible moves. Saudi Arabia, dominant among the oil cartel’s members, has warned That's because the US has been producing boatloads of oil, notching record levels of production and crude oil exports. "OPEC+ just can't cut enough to sustain a price much above where we are right US gasoline prices have also been on the skids, with the national average for a gallon of regular unleaded falling from above $5 in the middle of June to $3.79 on Monday. In its August market Oct. 2, 2022. OPEC Plus, the oil producers’ group, is considering announcing a major cut in production when it meets on Wednesday, according to a person familiar with the thinking of Saudi AgMKTf.