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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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Will America be able to confiscate Iraqi reserves if Iraq coordinates with OPEC to increase oil pric

rocky
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rocky
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Join date : 2012-12-21
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Will America be able to confiscate Iraqi reserves if Iraq coordinates with OPEC to increase oil pric Empty Will America be able to confiscate Iraqi reserves if Iraq coordinates with OPEC to increase oil pric

Post by rocky Mon 09 May 2022, 9:05 am

[size=45]Will America be able to confiscate Iraqi reserves if Iraq coordinates with OPEC to increase oil prices?
28 minutes ago[/size]

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Muhammad Tawfiq Allawi
May 9, 2022
The most dangerous American law (NOPEC) facing oil-exporting countries, ending the financial abundance of producing countries due to the rise in oil prices, as a result of this law, which may become effective within a few weeks, and America will be the one who sets oil prices, as the law gives it the right to take measures Legal for the oil-exporting countries (OPEC) (OPEC) to raise oil prices depending on their monopolistic agreements within the framework of OPEC, and since most of the reserves of the world's countries, including Iraq, are in US dollars, meaning that they are in the US Federal Bank, the US judiciary, according to this law, gives the right to the US government To confiscate the money of any country if it moves in a monopolistic manner within the (OPEC) or (OPEC +) system to raise oil prices, as is the case now……….
But the good news is that the major American oil companies are against this law because it contradicts their interests, and the adoption of the law requires the approval of the President of the Republic, Biden, and perhaps he will not agree. A few weeks……
Below is the translation of the news, as reported by Reuters on May 5, 2022,
Thursday, May 5, 2022.
Today, the US Senate Judiciary Committee approved a bill known as “No to Oil Production and Export Blocs” known as “NOPEC”, which would allow lawsuits to be filed in The United States is against the Organization of Petroleum Exporting Countries (OPEC) oil producers under antitrust laws for orchestrating supply cuts that raise global oil prices, which exposes members and partners to accountability.
The bill, which was approved by the committee after receiving 17 votes to four, needs to be passed in full by the Senate and House of Representatives, and then signed by President Joe Biden to become law.
If it becomes law, the US attorney general will be able to sue OPEC or its members, such as Saudi Arabia, in a federal court. It will also be able to sue other producers allied with "OPEC", such as Russia, who are working with the organization to reduce supplies within what is known as the "OPEC +" group.
A bill aims to protect US consumers and businesses from deliberate hikes in gasoline and heating oil prices, but some analysts warn that its implementation could have some unintended, dangerous repercussions.
The project is submitted by the two main parties and will introduce amendments to the American anti-monopoly law to abolish the sovereign immunity that protects “OPEC” and the national oil companies in its member states from lawsuits.
It was not clear how a federal court could enforce antitrust rulings on a foreign country. But several attempts to enact the "NOPEC" law over more than 20 years have alarmed Saudi Arabia, the de facto leader of OPEC, prompting it to exert strong pressure every time a copy of this law is presented.
The White House did not say whether Biden supported the bill, and it was not clear whether he had enough support in Congress to reach this stage.
Opposition to the US oil sector
The American Petroleum Institute, the largest conglomerate in the US oil industry, has objected to the NOPEC bill, saying it could harm domestic oil and gas producers.
One of the sector's concerns is that the NOPEC bill will eventually lead to more OPEC production than the market needs, which may lower prices to a degree that American energy companies will find it difficult to boost production. Saudi Arabia and other OPEC members have some of the cheapest and easiest oil reserves to extract.
Research group Clear View Energy Partners also said in a note that any additional oil pumping from OPEC producers, even at a time dominated by fears of a Russian supply shortage, "could freeze drilling activities in the United States, which could jeopardize domestic energy security as well as recovery of the local economy.
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