OPEC cutting back their oil production

Both Saudi Arabia and Iran agreed to significantly limit their oil production Wednesday.

CHICOPEE, Mass. (WWLP)- OPEC, or the Organization of Petroleum Exporting Countries, is reducing their exports of oil.

Both Saudi Arabia and Iran agreed to significantly limit their oil production Wednesday. OPEC’s decision to cut its output of oil is expected to increase gas prices, but some drivers told 22News either way they’ll keep coming back to the pumps.

“It’s something we have no control over, I put gas in my vehicle so whatever the price is i’m going to pay it,” said Guy Dalton of East Longmeadow.

OPEC’s decision comes at a time where more countries, including the U.S., have been producing more of their own oil.

“They’re cutting back their output so the supply will be less from there so all the more reason why we have to become energy independent in this country,” said Stan Mellas of Greenfield.”

Financial adviser Mark Teed of Raymond James Financial told 22News, why OPEC would want to pull back their oil production.

“By limiting output from their OPEC members, what they’re hoping to do is limit the supply that’s available so that prices will go back up,” said Teed.

Teed also said drivers shouldn’t see a significant increase in gas prices long-term. The U.S. has been producing higher quantities of oil and that will put pressure on OPEC to bring oil prices back down.

Average crude oil prices are about $50 a barrel.