US bill pressuring OPEC+ after oil production cut gains momentum

WASHINGTON: Top US senators from both parties on Thursday gave momentum to a bill pressuring OPEC+ after the group this week announced a deep cut in oil production despite lobbying by President Joe Biden’s administration to keep the taps open.

The so-called No Oil Producing and Exporting Cartels (NOPEC) bill gained interest after OPEC+, a group led by Saudi Arabia and Russia, decided on Wednesday to cut oil production by 2 million barrels per day. OPEC+ made the move despite tight oil global supplies worsened by Russia’s war in Ukraine.

OPEC+ agrees deep oil production cuts

“What Saudi Arabia did to help (Russian President Vladimir) Putin continue to wage his despicable, vicious war against Ukraine will long be remembered by Americans,” said Senate Majority Leader Chuck Schumer, a Democrat.