Oil (ICYMI) … OPEC warning on NOPEC (yes, really)

Author: Eamonn Sheridan | Category: News

Doing a bit of a catch up and noted this for oil  markets

US legislation that has its aim to prevent OPEC from coordinating production and thus influencing oil prices passed the House Judiciary Committee back in February 
  • the NOPEC bill … yep …  the 'No Oil Producing and Exporting Cartels Act'
Has OPEC a li'l bit perturbed … not surpassingly

This week the cartel warned if the bill passes Congress:
  • OPEC would stop working
  • Member states would boost output to maximum 
Causing a crash in oil prices and thus:
  • put US shale producers under pressure

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