OPEC seeks legal strategy as U.S. pushes anti-cartel bill
OPEC is consulting with lawyers to prepare a strategy to defend against proposed U.S. legislation that could open the cartel up to antitrust lawsuits.
The organization’s legal team will hold talks in Vienna today with law firms including White & Case LLP about the 'No Oil Producing and Exporting Cartels Act,' according to people familiar with the matter.
The cartel is seeking strategy recommendations for dealing with the NOPEC bill, which could allow the U.S. government to sue it for manipulating energy prices, Bloomberg reported.
The planned meeting highlights the growing pressure on OPEC from the world’s largest oil consumer.
The House of Representatives introduced a version of the bill in May. The Senate earlier this week also brought up a draft of the legislation, which would amend the Sherman Antitrust Act of 1890.