WASHINGTON (Sputnik) — In December 2015, the United States repealed a 40-year ban on exporting crude oil, allowing US producers to sell on a currently oversupplied global market.
In the past month, oil prices have dipped below $30 per barrel, their lowest price in more than a decade. The low prices have been attributed to lower demand, and the unwillingness of producer nations to stem production.
"Certainly, I would be glad if OPEC lowered their production," Cassidy stated on Wednesday, noting "it could" be an area where US and Russian interests intersect.
Cassidy, who serves on the Senate Energy Committee, explained that Federal Reserve Chairwoman Janet Yellen had informed US lawmakers that the economy of the United States is being hurt by low oil prices.
"So in that sense, it will be impactful [for OPEC to lower output]," Cassidy said.
However, Cassidy also stated he would be "surprised" if OPEC agreed to slow production.
