The price per bbl is the replacement cost, not the shelf price it's being sold for. The first time OPEC did this (recently) 10 years ago in flooding the market was to drive down the price of oil due to the domestic oil shale boom throughout the Rocky Mountain basins and the Permian.
They essentially wanted to keep their market control because they can replace that oil cheaper than the US can. Wells in OPEC countries tend to flow on their own, whereas in North America they require some form of hydraulic stimulation (frac'ing). They also have less input for equipment needs and labor. A petroleum engineer in an OPEC country may be paid the equivalent in US dollars of $35,000 per year compared to the American petro eng at $175,000 per year. Then you have rig hands, tool hands, directional drillers, etc.
So, the reflective price at the pump is dependent on all the input costs to replace that bbl of oil in today's markets and economy with all the facets that affect it. Supply chain was disrupted months ago, and it affects that replacement price today.
Throw in an eastern European conflict/war as the wild card...