OPEC Says Bill NOPEC Could Put U.S. Assets and Personnel Abroad at Risk, Energy News, ET EnergyWorld

LONDON: US assets and personnel abroad could be at risk if the country decides to pass an anti-OPEC bill, known as NOPEC, the head of the Organization of the Petroleum Exporting Countries said to Member States.

In a letter, seen by Reuters, Mohammad Barkindo urged member countries to engage with the US administration.

“It is essential that member countries strengthen bilateral diplomatic contacts with government officials in the United States … and explain the inconvenience to the United States if the NOPEC bill becomes law.”

“These drawbacks could include: weakening the principle of immunity globally, endangering US interests abroad and protecting their personnel and assets,” the letter said.

A US House panel this week passed a bill to open OPEC to prosecution for collusion in rising oil prices, but it was uncertain whether the legislation would be considered by the chamber plenary.

The NOPEC bill, introduced by Rep. Steve Chabot, a Republican, was passed by the House Judiciary Committee.

Similar bills to crack down on OPEC when oil prices are on the rise have appeared in Congress unsuccessfully for more than 20 years.

Barkindo also said other drawbacks of the bill could include undermining important trade and energy relations between the United States and member states and that it could “increase the risk of volatility in international oil markets. , which directly affects US oil-producing states and companies. “

Letters from the OPEC secretariat to members are quite common and are part of due diligence events that can impact global consumers and producers of energy.

The letter said the bill could result in fines for members of OPEC and its national oil companies, which could be levied through the seizure of assets in the United States or elsewhere.

He said the Vienna-based secretariat would resume monthly reports on the progress of the bill, convene a meeting of the legal team to reflect on possible actions and better understand the position of the new US administration on the bill. .


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