Requires the President to initiate consultations with Indonesia, Kuwait, Nigeria, Qatar, The United Arab Emirates, and Venezuela to seek their elimination of any action that limits the production or distribution of oil, natural gas, or any other petroleum product, sets or maintains the price of any such product, or otherwise is an action in restraint of trade with respect to such products when such action constitutes an act, policy, or practice that is unjustifiable and burdens and restricts U.S. commerce.
Requires the U.S. Trade Representative to: (1) initiate World Trade Organization (WTO) dispute proceedings if the consultation is not successful with respect to any such country; and (2) take appropriate action regarding the country under U.S. trade remedy laws.