OPEC announces surprise oil production cut.BNN Bloomberg is reporting that OPEC just announced a surprise oil production cut of over 1 million barrels per day causing a shock to the markets. WTI has climbed by $3.91 to $79.54 at the time of this posting while WCS is trading at $61.36, up $1.93. Production cuts will begin next month. From a personal observation, the timing is strategic. Next month usually marks a time when refineries, inthe US, begin their maintenance turn arounds as they preare to switch from winter fuel to summer fuel in time for the summer driving season. If demand for fuel is higher than expected, prior to the official start of the summer driving season in Canada and the US, drivers could see a substancial increase in fuel prices at the pumps ptting further pressure on the Canadian and US consumer and would be inflationary in nature according to a number of economists. Consumers, on both sides of the border are already feeling the pinch as they try to juggle expenses. The Trudeau Government could also face pressure to recind their increase in the carbon tax thattook affect on April 01 and generated a price increas of fuel at the pump, over night as the new tax took affect. Incidentally, April 01 was April Fools Day and PM Trudeau was the Jester only the joke he played on Canadains has not gone over very well and no one is laughing and, though I am not a political pundent, could cost him in the polls as he is already behind by as much as 6 points. The Liberals could be hurt continue to loose ground on the political front. Consumers can bet that when the price of gasoline and diesel fuel climb those prices will be reflected in the cost of groceries at the store as well as the price of just about everything else. For the Federal Liberals, this coming summer will not be the summer of love but, instead, the summer of discontent.