Avaleht In English Is The US Preparing To Punish OPEC?

Is The US Preparing To Punish OPEC?

Authored by James Durso via OilPrice.com,

  • U.S. consumers are showing significantly less concern about the U.S. energy situation than they did one year ago.
  • The U.S. House of Representatives may once again consider a piece of legislation to pressure the OPEC oil producers’ group to stop making output cuts.
  • The bill may be retaliation against the Arab OPEC countries, and a warning to others, for normalizing ties with Iran and Syria.

In early May, the U.S. House of Representatives Committee on the Judiciary was reportedly considering a bill to pressure the OPEC oil producers’ group to stop making output cuts by revoking the sovereign immunity that has protected OPEC+ members and their national oil companies from lawsuits over price collusion. (The committee previously passed the bill in 2018, 2019 and 2021.)

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