Apparently quietly, a committee of the United States Senate has introduced a bill aimed at blocking OPEC+.
This follows the decision of the world's main oil producer group which earlier this month decided to cut massive production.
The bill, called No Oil Producing and Exporting Cartels, or NOPEC, gained support in Congress after President Joe Biden's call to suspend production by OPEC was rejected by Saudi Arabia.
The legislation will be debated by lawmakers after the Nov. 8 midterm elections.
If passed by both houses of Congress and signed by Biden, NOPEC would change US antitrust laws to revoke the sovereign immunity that protects OPEC+ members and their national oil companies from lawsuits over price fixing.
Looking at the current development of crude oil trading, Brent futures traded higher at around $93 per barrel while US WTI was higher at $85 per barrel.
