• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 23 hours US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 2 hours How many drilling sites are left in the Permian?
  • 23 hours "Undeniable" Shale Slowdown?
  • 5 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 1 day Overheating the Earth: High Temperatures Shortened Alaska’s Winter Weather
  • 1 day China To Promote Using Wind Energy To Power Heating
  • 1 day Gas Flaring
  • 1 day Climate Change Protests
  • 6 hours Case against Trans Mountain Begins
  • 5 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 22 hours Everything Is Possible: Germany’s Coal Plants May Be Converted to Giant Batteries
  • 14 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 2 days Oil at $40
  • 2 days Negative Gas Prices in the Permian

Breaking News:

Guaido Takes Strides To Topple Maduro

House Committee Approves Anti-OPEC Bill

OPEC logo

A committee from the House of Representatives has approved a bill aimed at making OPEC members liable to U.S. antitrust legislation, Reuters reports, adding the prospects of the bill ending up as law were not certain yet.

The No Oil Producing and Exporting Cartels Act, or NOPEC, as it’s more widely known, would, if passed into law, allow the U.S. attorney general to sue separate members of OPEC or the whole group for collusion. At the moment, OPEC members separately and together are protected by sovereign immunity.

This is not the first bill aimed at making it possible to target OPEC with anti-cartel measures. In fact, Reuters recalls, bills of this kind have been considered in the House of Representatives on multiple occasions during the past two decades. However, none of them has ever reached full House vote and it remains unclear whether this one will.

Chances are it won’t, in light of Washington’s close ties with Riyadh, the de factor leader of OPEC. The relationship is equally important for Saudi Arabia, but the threat of lawsuits for collusion will likely lead to a quick reaction.

President Trump, according to Reuters, has in the past, before taking the presidency, spoken in support of such a law. Since his entry into office, however, he has not spoken in favor of a NOPEC bill, instead making a point to note the importance of Saudi Arabia for the United States, chiefly because of the huge arm sales deals that Riyadh offers Washington.

Political considerations aide, the chances of the bill becoming a law are also reduced by low oil prices and lack of support from the industry. International oil companies have warned of retaliatory measures from OPEC, and the American Petroleum Institute has also spoken against such a bill, saying that rising U.S. crude oil production is already diminishing OPEC’s global market influence.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News