71 total views, no views today
These days, the biggest risk facing the oil market rarely comes from geo-political shocks including chaos in the Middle East – not that this is not a factor still – tweets from Donald Trump, president of the United State has the capacity to send prices reeling as much as a bomb going off in Tehran could.
Against the backdrop of Trump’s frequent rants against OPEC for keeping oil prices too high, it was recently reported in the foreign press that a senior member of the Trump Whitehouse, supported the bill that will make it illegal for foreign nations to work together to limit fossil fuel supplies and set prices – the chief task of OPEC – demands more than a cursory introspection.
Republican and Democratic lawmakers who can’t even agree on the weather came together and through the House Judiciary Committee passed the No Oil Producing and Exporting Cartels Act, commonly known as NOPEC, clearing the bill for a vote before the full House of Representatives the same day their counterparts in the Senate supported the move.
The NOPEC Act was initially and introduced in June 2000 as a congressional effort to address the issue that, under federal law, foreign governments cannot be sued for predatory pricing or failing to comply with US antitrust laws. It would protect consumers against collusion and predatory pricing by foreign governments and international cartels, such as the Organization of the Petroleum Exporting Countries (OPEC).
OPEC is concerned
The NOPEC bill has never featured on the agenda of OPEC since it was introduced into the US Congress in 2000 but the organisation has spoken against it publicly. Since 2016 when the influence of shale oil bequeathed unto the oil markets the stability of mercury, and OPEC … Read More...