OPEC will reduce production. Just wait and see.
I think they will stick with their current program as they are quite happy with it and they can claim they aren’t the ones surprising anyone and causing a problem, Biden did that and Biden can own it.
Biden hasn’t even gotten to the good stuff yet, like filling up on odd-even days depending on your license plate, lowered speed limits, raising EPA gas mileage requirements to slow production of everything but econoboxes and EVs, and more!
Much more fun to come, this is all just beginning. Also gas prices are lagging the oil price because suppliers saw this coming and bought some good futures which have kept gas prices lower than otherwise. As those futures go off the books the price will move faster, it’s about 40 cents low right now for the current price by my calculations.