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IPFS News Link • Oil

The Radical Plans To Counter High Oil Prices


>President Joe Biden is now vowing to "consult with Congress" on ways to "reduce OPEC's control over energy prices,".

>A change in U.S. anti-trust law could revoke immunity that has protected OPEC members against lawsuits.

>The EU idea of forming a buyers cartel to counter high oil prices is getting more support.

The latest OPEC+ output cuts for November mean it's back to the drawing board for the White House and a re-emergence of discussions about the viability of "NOPEC", a Western oil and gas buyers' cartel that may or may not be the answer to influencing the market at will.  The decision on Wednesday by OPEC+ to cut production by 2 million barrels per day at a time when the global economy is grappling with the continued negative impact of Putin's invasion of Ukraine and Western sanctions, is an indication that the cartel is purposefully siding with Russia, and that oil and politics have become decidedly intertwined on a cartel level.