U.S. Delivers Angry Rebuke of Massive OPEC+ Production Cut — and It Could Backfire for Saudi Arabia
"In light of today's action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC's control over energy prices," the White House said.
"Congressional action on NOPEC legislation also looks like a credible outcome in light of the NSC statement about working with Congress to reduce OPEC's overall influence on the oil market. White House opposition to NOPEC has served as a restraining influence on Congressional leaders," they continued.
To take effect, the bill would need to be passed by the full Senate and the House, before being signed into law by the president., warning the U.S. legislation would bring greater chaos to energy markets. Asked by CNBC's Hadley Gamble whether OPEC+ was doing so at a price, Al Ghais replied:"Everything has a price. Energy security has a price as well."Energy analysts said the actual impact of the group's supply cuts for November was likely to be limited, with unilateral reductions by Saudi Arabia, the United Arab Emirates, Iraq and Kuwait likely to do the main job.
Asked whether he was specifically disappointed with U.S. ally Saudi Arabia, Blinken replied,"We have a multiplicity of interests with regard to Saudi Arabia and I think the President laid those out during his trip."
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