OPEC+ Maintains 2023 Oil Production Targets, Short-Term Rise In Gasoline Prices?

<p>Oil prices are rising as Saudi Arabia pledged more voluntary production cuts. OPEC+ extends the deal until 2024. Ellen Wald says that it seems like the unilateral 1M barrel per day cut came will provide baseline quotes that will take effect in 2024. Is the market ignoring this information? Wald states that this price bump is not likely to last very long and that gasoline prices may rise temporarily for Americans. Are new baseline quotas a positive for the market as they could alleviate volatility and bring transparency?</p><p><br></p>