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WASHINGTON – The United States is ready to react after the Organization of the Petroleum Exporting Countries (OPEC), a coalition of major oil producers both inside and outside OPEC, decided to drastically cut oil production. Petroleum.
In addition to the dismantling of OPEC-led oil cartels and filing a lawsuit with the World Trade Organization (WTO), there is growing momentum in the US Congress to pass laws to freeze member state assets in the United States.
After OPEC + decided to cut production by 2 million barrels a day on Wednesday, the White House threatened to work with Congress to take revenge to reduce the influence of oil cartels on energy prices. However, analysts believe that if it does indeed happen, US exports will also decline.
Furthermore, the just sustained détente between OPEC and the United States in recent years could be completely halted.
Biden told reporters Wednesday that he was disappointed with OPEC + ‘s decision to cut production. After making it clear that the administration is considering how to respond, he said: “There are many options, but we haven’t decided yet.”
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