U.S. Assures OPEC That G7’s Price Cap On Russian Oil Won’t Target Them

The G7 group’s price-capping measures taken to restrict Russia’s oil revenues will not target OPEC, a United States Treasury official told Reuters on Wednesday, although the gesture may do little to tamp down the animosity between the United States and OPEC. The United States communicated this fact to OPEC to reassure them that any price-capping action wouldn’t be replicated in response to OPEC’s production cuts. Tensions have grown between the United States and OPEC—particularly Saudi Arabia—since the most recent…