- The US Senate Judiciary Committee approved the No Oil Production and Exporting Cartels Act.
- The NOPEC bill has been on and off for decades.
- It is unclear whether the bill will be signed into law by US President Joe Biden.
The US Senate Judiciary Committee has approved the No Oil Production and Exporting Cartels Act (NOPEC) bill. Reuters reportThat paves the way for a lawsuit against OPEC for antitrust behavior and market manipulation – if signed into law by the president.
Thursday’s vote saw a US Senate panel in favor of NOPEC, which has been on and off the table for decades, failing to get past congressional committees most recently, when gasoline prices in the US have maintained an all-time high.
It is still unclear whether the bill, approved by the Senate panel, will go to the Senate or US President Joe Biden. It is also unclear whether Biden will sign the legislation.
Opposition to NOPEC by major trade groups including the US Chamber of Commerce and the American Petroleum Institute (API) has intensified in recent weeks and months. They fear it could backfire on the US oil and gas industry and US interests.
The vote comes at a tense time for US-Saudi ties, with Saudi Arabia making it publicly known through interviews and op-eds that it stems from the lack of support given by the Biden administration for Saudi defense against Iran-backed is unhappy. Houthi in Yemen, despite the threat of Houthi attacks on Saudi oil facilities.
on Wednesday, wall street journal published a story titled “US Saudi Relations And Start To Thaw,” but a NOPEC vote that would make it possible for the United States to sue OPEC is likely to have detrimental effects on that alleged thaw.
There were also reports on Wednesday that CIA Director Bill Burns She had secretly met with Saudi Crown Prince Mohammed bin Salman in April to try to “patch” things.
By Charles Kennedy for Oilprice.com
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