US Congress' 'NOPEC' Bill Could Send Oil Prices Soaring By 200% To 300%

There is growing tension between the White House and OPEC+ over oil production (Shutterstock)  

OilPrice.com: The NOPEC Bill Could Send Oil Prices To $300 

* For decades, different forms of ‘NOPEC’ legislation designed to pave the way for lawsuits against OPEC have been considered by Congress. 

* Last week, the U.S. Senate Judiciary Committee approved the NOPEC bill, leading to pushback from both within and outside the U.S. 

* OPEC’s most influential energy ministers warned that the bill could send oil prices soaring by 200 or even 300 percent. 

If the U.S. passes the NOPEC bill, a bill designed to pave the way for lawsuits against OPEC members for market manipulation, the oil market could face even more chaos. OPEC’s most influential energy ministers warned against passing the legislation, suggesting it could send oil prices soaring by 200% or 300%. “The last thing we want is someone trying to hinder that system,” the UAE’s Energy Minister Suhail al-Mazrouei said at a conference in Abu Dhabi, referring to the system OPEC has had in place for decades to ensure supply to the market is adequate (adequate according to OPEC’s view). Read more ....  

Update #1: UAE, Saudi energy ministers hit back at ‘NOPEC’ bill, say it could send oil prices surging (CNBC)  

Update #2: White House warns of ‘unintended consequences’ of Senate’s NOPEC bill (Arab News)  

WNU Editor: The U.S. seized Russia's financial assets. Are OPEC's assets in the U.S. next from lawsuits and other legal actions?