Is The U. S. Policy Towards OPEC+ Short-Sighted?

Is The U. S. Policy Towards OPEC+ Short-Sighted?

Ramanan Krishnamoorti, Vice President of Energy and Innovation at University of Houston MARTINEZ, CA - APRIL 1: Smoke drifts away from a Shell Oil refinery April 1, 2004 in Martinez, ... [+] California. Analysts predict that OPEC's decision to cut its oil output target by approximately four percent starting April 2 will cause gasoline prices to rise from their already record highs. (Photo by Justin Sullivan/Getty Images) The focus of the OPEC+ cuts in oil production have squarely fallen on Saudi Arabia and Russia, primarily because of the size of their production, but also because of the geopolitical ramifications. The breakdown of the Saudi-U. S. alliance and the growing partnership between Russia and Saudi Arabia have been at the center of media attention. President Biden and members of the Congress have gone as far as to call out Saudi Arabia for its failure to stand by the U. S., labeling the Saudi approach as short-sighted and with potential long-term consequences. A bipartisan group of U. S. senators have proposed a NOPEC law that could open members of OPEC+ to antitrust lawsuits. However, lost in the shuffle is the fact that all 23 countries of OPEC+ were in favor of this