re: More pain?

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Can someone explain why they would cut production while gas is still high?

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Your view of the issue is incorrect, you have to look at it from their standpoint if you want to understand their actions.

For the OPEC+ nations, gasoline is well below what we're paying here in the US. While oil is priced internationally, their domestic capacity comes deeply into play at the gas pumps.

Also, gasoline is not the only thing oil is used for (see: plastics, for just one other item).

So as long as the increase in the price of oil (from cutting supply) isn't causing strong inflationary problems around the world (like we saw when post-COVID demand tore through surpluses), they likely see this as a smart business move to make more money.