What is NOPEC, the US bill to pressure OPEC+?

What is NOPEC, the US bill to pressure OPEC+?

US legislation that could open members of oil producing group OPEC+ to antitrust lawsuits has emerged as a possible tool to tackle high fuel prices, after the body said it would slash production despite lobbying by the Biden administration.

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The No Oil Producing and Exporting Cartels (NOPEC) bill, which passed a Senate committee 17-4 on May 5, is intended to protect US consumers and businesses from engineered oil spikes.

But some analysts warn that implementing it could also have some dangerous unintended consequences.

OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, on Wednesday agreed steep production cuts, curbing supply in an already tight market.

After the decision, the White House said it would consult with Congress on “additional tools and authorities” to reduce the group’s control over energy prices, an apparent reference to possible support for NOPEC. The White House had previously raised concerns about the bill.

Here are some details about the legislation.

What is the NOPEC bill?

The bipartisan NOPEC bill would tweak US antitrust law to revoke the sovereign immunity that has protected OPEC+ members and their national oil companies from lawsuits.

If signed into