The price cap was agreed on Friday by G7 nations & Australia to deprive Russia's leader Vladimir Putin of revenue while keeping Russian oil flowing to global markets
OPEC
"Saudi Arabia and the UAE's drastic cut in oil production despite President Biden's overtures to both countries in recent months is a hostile act against the US"
Europe is facing a grim winter
US crude (WTI) fell 24% to $ 13.87 a barrel