The OPEC+ alliance of oil exporting countries is deciding on whether to produce more crude as members face sluggish demand and competing production from non-allied countries, factors that could keep oil prices stagnant into next year.
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Oil prices have been slack due to weaker than expected demand from China as well as increased production from countries like Brazil and Argentina that aren't in OPEC+. Oil analysts have been busy reducing their estimates for demand for next year, meaning that OPEC+ could remain in a bind well into 2025.
One result of those slack prices is that U.S. average pump prices for gasoline fell to $3.03 a gallon this week, the lowest since May, 2021 and well down from their record peak of $5.02 from June, 2022, according to motoring club AAA.U.S. oil price levels of $70 or less “are great for consumers,” said AAA spokesman Andrew Gross. Crude oil makes up about half the price of a gallon of gasoline, making crude the key factor on top of distribution costs and taxes.
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