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WASHINGTON—The United States is poised to fight back after the Organization of the Petroleum Exporting Countries (OPEC), a coalition of major oil producers both inside and outside OPEC, has decided to cut oil production sharply.
In addition to dismantling the OPEC-led oil cartel and filing a lawsuit with the World Trade Organization (WTO), there is a growing momentum in the US Congress to enact a law that would include a freeze on the US assets of member countries.
After OPEC+ decided to cut production by 2 million barrels a day on Wednesday, the White House threatened to work with Congress to retaliate to reduce the influence of oil cartels on energy prices. However, analysts believe that if it actually takes place, U.S. exports will also fall.
In addition, the barely sustained detente between OPEC and the United States over the past few years may be completely disrupted.
Biden told reporters on Wednesday that he was disappointed with OPEC+’s decision to cut output. He said his administration was considering a response, adding: “There are many options, but we haven’t decided yet.”
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