UAE and Saudi Ministers Oppose NOPEC Bill, Saying it will Raise Oil Prices

Senior OPEC ministers opposed a new US bill aimed at regulating production, saying such measures would lead to more chaos in energy markets.
UAE Energy Minister Suhail Al Mazroui told CNBC that OPEC is being unfairly attacked over the energy crisis and that actions by US lawmakers to disrupt an established production system could send oil prices up as much as 300%.
If you interfere with this system, you need to watch what you ask because in a chaotic market you will get a 200% or 300% price increase that the world cannot handle, Al Mazroui said.
A US Senate committee has approved a new bipartisan bill to ban oil producing and exporting cartels (NOPEC), a significant step forward in a decades-old proposal.
The bill, which aims to protect US consumers and businesses from fueled energy price hikes, would leave the alliance open to antitrust lawsuits over supply cuts that push up global oil prices.
It must be passed by the full Senate and House of Representatives before it can be signed by the President.
OPEC and its partners have faced pressure from consumer countries, including the US and Japan, for not producing more crude amid rising prices and inflation.
Al Mazroui acknowledged that some members failed to meet their production quotas, but added that the alliance is doing its part to meet global demand in the face of ongoing geopolitical pressures, namely the war in Ukraine.

About Parvin Faghfouri Azar

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