https://news.bitcoin.com/saudi-arabia-and-opec-reveal-surprise-oil-production-cut-white-house-insists-cuts-arent-advisable-right-now/
On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was coordinated with some members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members as a “precautionary measure” to stabilize the oil market.
White House response
https://www.bloomberg.com/news/articles/2023-04-02/opec-output-cuts-aren-t-advisable-right-now-white-house-says#xj4y7vzkg
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Are the US authorities no longer in control of the world situation?
On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was coordinated with some members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members as a “precautionary measure” to stabilize the oil market.
White House response
https://www.bloomberg.com/news/articles/2023-04-02/opec-output-cuts-aren-t-advisable-right-now-white-house-says#xj4y7vzkg
___
Are the US authorities no longer in control of the world situation?
I find it hillarious when I read: OPEC Members don't want crude oil below XXX price. Like they could chose
Markets might teach them a lesson sooner than later.