Trump's potential support for anti-oil cartel legislation has members of OPEC holding their breath and could send oil prices into a tail spin
“House and Senate leadership are not enthusiastic about this thing,” McNally said. But if Trump backed it, “is Mitch McConnell going to die on NOPEC Hill? I don’t think so.”as a way to punish Saudi Arabia if Trump won’t otherwise take on Crown Prince Mohammad bin Salman, who is seen as a Trump administration ally.
The Trump administration’s sanctions on Iranian oil have tightened oil supplies, helping drive prices up. The announcement this week — ahead of an early May deadline — that the U.S. will end waivers for several countries that are still buying Iranian oil could nudge prices even higher.
In the administration, “the reticence is because of just how big of a market impact this [could] have,” said Varsha Koduvayur, a senior research analyst on the Gulf states at the Foundation for Defense of Democracies, a Washington think tank. It would be “unprecedented to strip the sovereign immunity that has guarded OPEC members” for six decades, she added.
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