Responding to a looming period of oversupply, OPEC and its non-OPEC allies agreed to cut production through the first half of 2018 of 1.2 million barrels per day.
When Saudi Arabia threatens to weaponize its oil production, the U.S. cannot afford to brush off this warning by overestimating the potential of shale to cover the shortfalls.
The aim of the NOPEC legislation is to consider ways to take action to hold OPEC accountable for its anti-competitive behavior.
OPEC fudges the details. Oil prices rose on Friday in reaction to OPEC's decision to increase output during the second half of the year. Analysts argue that the cartel's actions will not be sufficient to meet the markets' needs.
OPEC itself is responsible for disrupting the investment cycle and eliminating the inventory overhang in record time. Asking them to fix the problems they caused is the wrong approach.