Brace For Shock At The Gas Pump: WTI Surges Above $75 As OPEC Raises Output Less Than Expected Brace For Shock At The Gas Pump: WTI Surges Above $75 As OPEC Raises Output Less Than Expected Brace for shock at the pump. WTI crude prices surged by over $2, rising more than 3% to $75.8|bbl ... the highest since 2018... ... amid reports that ahead of the conclusion of today''s OPEC, JMMC and OPEC meetings, Saudi Arabia and Russia have agreed on a preliminary deal regarding raising oil output, one which will include a monthly oil output increase of less than 500k bpd to OPEC''s current holdback of 5.8 million barrels until December-2021, which is less than the market consensus of 500kbp|d. Reuters adds that OPEC is also likely to ease oil output cuts by 2 million bpd between August and December, which suggest that OPEC is weighing inflation risks in the short-term, however by year-end the market is expected to be in a deficit of over 3mmb|d, which is why most banks have projected oil to rise above $85 toward the end of the second half. Additionally, local sources add that OPEC is currently debating extending the production deal to the end of 2022 (from the original April 2022), according to a delegate, which will lead to the further supply constraints and even higher prices.