Here are three quotes from
an article about this in Christian Science Monitor; a few calculations; and my personal opinion about what the numbers will mean.
Quote:
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The Organization of Petroleum Exporting Countries (OPEC) Friday announced a slash in oil production of about 5 percent, or 1.5 million barrels a day, ...
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Quote:
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Mr. Halff notes that members of OPEC, which supplies 40 percent of the world's petroleum, often secretly go over their assigned quotas or fail to reach them because of production problems.
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5% of 40% of World Production = 2% of World Production.
And if 1.5 million barrels is 2% of World Production, then total World Production must be about 75 million barrels a day.
Quote:
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In the US, the world's largest oil consumer, demand for petroleum products in the past month averaged 18.6 million barrels a day, down 8.9 percent from the same period last year, according to the US Department of Energy.
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18.6 million + 1.82 million = 20.42 million
1.82 million / 20.42 million = 8.9%
Based on the above numbers, I'd guess that oil and gas prices will fall some (a little) more. I'd also guess that OPEC will meeting again and announce further cuts within the next 60 days.