Opec taking legal advice to defend US anti-trust legislation
The oil cartel is worried about the US’s No Oil Producing and Exporting Cartels Act being enacted, which could allow the US government to sue it
Johannesburg/London — Oil cartel Opec is consulting with lawyers to prepare a strategy to defend against proposed US legislation that could open the cartel up to anti-trust lawsuits, according to people familiar with the matter. The organisation’s legal team will hold talks in the coming days with law firms including White & Case about the US’s No Oil Producing and Exporting Cartels Act (Nopec), one of the people said, asking not to be identified because the information is not public. The cartel is seeking strategy recommendations for dealing with the Nopec bill, which could allow the US government to sue it for manipulating energy prices, the person said. A spokesman for White & Case declined to comment. The planned meeting highlights the growing pressure on Opec from the world’s largest oil consumer. US President Donald Trump has repeatedly criticised the cartel on Twitter, accusing it of inflating prices and urging it to increase production. The cartel has bowed to Trump’s will, ...
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