Consumers in Cochrane may want to fill up today as the Organization of the Petroleum Exporting Countries (OPEC) announced a preliminary agreement to cut back on production in an attempt to lift global prices back up.

While this news is graciously welcomed by Alberta oil producers, it also means bad news for your wallet when gassing up.

Dan McTeague, Senior Petroleum Analyst with GasBuddy Canada thinks some financial speculators may have jumped the gun, nevertheless, crude prices are on the rise.

"Right now there's been about a 3 cent per litre wholesale price increase, and that will probably trigger a number of retailers who have been selling gasoline with very thin retail margins." He says. "It may very well be the case that those prices will get restored, up to, or just over the $1.00 per litre mark over the next 24 hours, if not it may be postponed til Monday."

He says it's not a matter of if prices at the pump will jump, it's a matter of when.

This is the first time OPEC has announced a cut back on production in eight years, however McTeague shares the cap on production probably won't make any meaningful, long term change in oil prices.

"If there is an effect that will drive oil prices and the value of crude up, which we desperately need in Alberta, it still does not mean that you will ultimately achieve your goal of less crude, therefore higher prices. Because as we know, some Canadian, American and Russian producers are only too willing to get back into the business as soon as oil prices start to move up above the $50.00 mark. Which means you're bringing back all those shut in productions, so I think it might be short lived."