The G7 group’s price-capping measures taken to restrict Russia’s oil revenues will not target OPEC, a United States Treasury official told Reuters on Wednesday, although the gesture may do little to tamp down the animosity between the United States and OPEC. The United States communicated this fact to OPEC to reassure them that any price-capping action wouldn’t be replicated in response to OPEC’s production cuts.
Tensions have grown between the United States and OPEC—particularly Saudi Arabia—since the most recent…Biden Lays Out 3-Step Plan To Bring Oil Prices Down
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