GasBuddy OPEC production cuts are a surprising turnaround

WASHINGTON (TND) — A round of unexpected output cuts by major oil-producing countries rattled markets to start the week but are unlikely to have a significant impact on gas prices in the U.S., according to GasBuddy. Lead petroleum analyst Patrick De Haan predicts that the initial effect on prices will be between five and 15 cents per gallon, with oil prices rising between $3 and $6. Over the weekend, Saudi Arabia announced it will cut production of 500,000 barrels per day from May through the end of 2023. Iraq will lower production by 211,000 barrels daily, United Arab Emirates by…