The modern world cannot survive and thrive without a productive petroleum industry
The US has told OPEC that a proposed cap on Russian oil prices won't later be repurposed to also target the cartel, a Treasury official told Reuters.
The official also said that the price cap plan isn't the beginning of a buyers' cartel that's meant to counter OPEC's sway over oil markets.
The US reassurances could help remedy increasingly strained relations between the US and de facto OPEC leaders Saudi Arabia.
Earlier this month, OPEC and allies non-member allies like Russia slashed its oil output quota by 2 million barrels a day despite pleas from Washington to boost production.
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