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[size=36]OPEC faces a threat from the United States[/size]
11:41 - 08/02/2019
BAGHDAD (Reuters) -
A US House of Representatives committee on Thursday passed a bill that would make the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, vulnerable to antitrust litigation.
The Commission approved the draft law, known as "Nopec". Copies of the project have appeared over the last 20 years in the House of Representatives, but have not been successful, and it is not known whether the House of Representatives in full will be voted soon.
The "Nopec" bill gained some momentum as US President Donald Trump attacked OPEC, led by Saudi Arabia, over its measures to cut output.
If approved, the law would allow the prosecution of OPEC producers, including Saudi Arabia, under the pretext of collusion and monopolization, and restricting the production of oil or gas or setting prices would be illegal.
OPEC controls production of its members by setting a ceiling for production. Oil prices rose 82 percent after OPEC's decision to cut production in 2017 under the OPEC + agreement. US lawmakers are angered by the organization, saying it harms consumers and interferes with free markets.
OPEC is a global organization of 15 oil-producing countries based in Vienna, whose members are working to increase revenues from the sale of oil on the global market by adopting a unified strategy, whose members control 40% of world production and 70% of the world's black gold reserves. / H
A US House of Representatives committee on Thursday passed a bill that would make the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, vulnerable to antitrust litigation.
The Commission approved the draft law, known as "Nopec". Copies of the project have appeared over the last 20 years in the House of Representatives, but have not been successful, and it is not known whether the House of Representatives in full will be voted soon.
The "Nopec" bill gained some momentum as US President Donald Trump attacked OPEC, led by Saudi Arabia, over its measures to cut output.
If approved, the law would allow the prosecution of OPEC producers, including Saudi Arabia, under the pretext of collusion and monopolization, and restricting the production of oil or gas or setting prices would be illegal.
OPEC controls production of its members by setting a ceiling for production. Oil prices rose 82 percent after OPEC's decision to cut production in 2017 under the OPEC + agreement. US lawmakers are angered by the organization, saying it harms consumers and interferes with free markets.
OPEC is a global organization of 15 oil-producing countries based in Vienna, whose members are working to increase revenues from the sale of oil on the global market by adopting a unified strategy, whose members control 40% of world production and 70% of the world's black gold reserves. / H
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