WASHINGTON (Sputnik) — A decision by the Organization for Petroleum Exporting Countries (OPEC) to lower oil production would help the United States establish its young oil export industry on the world market, US Senator Shelley Moore Capito told Sputnik on Wednesday.
"If they [OPEC] are talking about cutting production globally, I think that with our new ability to export, that could present some economic opportunity for us and create more jobs," Capito said of US oil exports.
Capito, who serves on the Senate Energy Committee, noted "It is an exciting time to see what our place can be globally."n December 2015, President Barack Obama signed into law the repeal of a 40-year US ban on exporting oil.
The decision to allow the sale of US crude on the world market comes at a time when oil price levels have been lowest in more than a decade, while major producers are unwilling to reduce output.
On Monday, Russian Energy Minister Alexander Novak and Venezuela's Oil Minister Eulogio Del Pino discussed the possibility of holding oil consultations with both OPEC members and non-cartel countries. The discussions will reportedly address the impact of continued low oil prices and oversupplied market.
