What Can The US Do In Response To OPEC+?
OPEC+ agreed to a paper cut of ~2 million b/d yesterday with a real impact on the oil market of 0.8 to 1.1 million b/d. We are now seeing the Biden administration respond with the following threats:
Export ban on crude exports.
Export ban on petroleum product exports.
NOPEC.
Continued SPR release.
I am not a legal expert and definitely not an expert on NOPEC…