Drivers have been enjoying low gas prices at the pump but will they get the gift of a price decrease again this week?  

They shouldn't expect much cooperation from OPEC oil ministers. A report from the International Energy Agency said that 90 percent of the nations that agreed to OPEC crude oil production cuts are complying with the agreement.

OPEC took the action late last year to boost sagging crude oil prices, but experts doubted the member and non-member nations would stick to the agreement, based on past history. The IEA reports, however, that crude oil production dropped by 32 million barrels of crude oil in January.

That comes as drivers enjoyed another week of modest price declines at the pump. The average price of regular in the state dropped 2 cents per gallon over the past week to $2.32 by Friday, according to GasBuddy.com.

A tanker delivers gasoline to a Lukoil station on Oak Tree Road in Edison. An increase in wholesale gas prices last week could mean pump prices will rise soon. (Larry Higgs | NJ Advance Media for NJ.com) Larry Higgs | NJ Advance Media for NJ.com 

Earlier this month, the federal Energy Information Service concurred with Tom Kloza, Oil Price Information Service global petroleum expert, that gas prices would drop through February.

What's kept higher prices at bay is a lot of gas and oil in storage and low demand this winter. But Kloza and the EIA said that will end in March.

The EIA is calling for a four cent per gallon increase in March, which means low prices should continue for another few weeks.

Last week, crude oil and wholesale gas prices increased on the New York Mercantile Exchange. NASDAQ reported that wholesale gas prices climbed by a dime to $1.59 a gallon in three days, while crude oil came close to $54 a barrel. 

Larry Higgs may be reached at lhiggs@njadvancemedia.com. Follow him on Twitter @commutinglarry. Find NJ.com on Facebook.

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