Revival of ‘NOPEC’ bill poses new risks to oil market, says OAPEC

Revival of ‘NOPEC’ bill poses new risks to oil market, says OAPEC

KUWAIT: The Organization of Arab Petroleum Exporting Countries (OAPEC) said the revival of ‘NOPEC’ anti-OPEC bill is an attempt to pressure OPEC+ to make it change its decision to reduce its total production. Some members of the US Senate on March 8, 2023 put forward the ‘NOPEC’ bill, the long-standing legislation that would allow the US to take the dramatic step of suing OPEC nations. In a statement OAPEC said on Monday that the supporters of the bill claim that OPEC seeks to set global oil prices, which leads to higher prices for consumers around the world.

The supporters of the draft law did not notice that, if approved, it would lead to a significant inability of supplies to meet future demand in the global oil market, especially in light of the presence of a number of factors, the first of which is the limited surplus production capacity resulting from the lack of investment in the oil sector, which in turn has been exacerbated because of attempts to dispense with fossil fuels. The second is the decline in strategic stocks to critically low levels due to their use by IEA member states over the past year as a tool to influence