The NOPEC Bill Could Send Oil Prices To $300
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).
Original Article Source Credits: Oil Price , https://oilprice.com/
Article Written By: Tsvetana Paraskova
Original Article Posted on: May 11, 2022
Link to Original Article: https://oilprice.com/Energy/Energy-General/The-NOPEC-Bill-Could-Send-Oil-Prices-To-300.html