The Wall Street Journal quoted officials of the organization as saying that OPEC was considering a radical campaign against American lawmakers and the White House. This will be the first time that OPEC has lobbied the United States in 60 years.
Melamine |
The message is simple: OPEC plays a vital role in helping the U.S. economy.
Although OPEC officials do not intend to meet directly with politicians and policymakers, lobbying efforts are already on the cards.
OPEC member states are concerned that OPEC may have the impact of anti-monopoly laws. The Trump administration had previously accused OPEC of pushing up oil prices.
Over the years, the United States has filed a lawsuit against OPEC, claiming that OPEC violated antitrust laws. However, because OPEC Member States enjoy the protection of sovereign immunity, the cases have been defeated by the United States. Some members of the Trump Administration have proposed that lawsuits be instituted on the basis of avoidance of immunity, and some members of the United States Congress wish to avoid such immunities.
Azodicarbonamide (AC foaming Agent) |
The United States has proposed a so-called “No Oil Producing and Exporting Cartels Act” (NOPEC), which may put OPEC in an anti-monopoly lawsuit.
However, the bill has long been on hold, and successive presidents of the United States have said they will veto any move to incorporate it into the law. But President Trump, unlike him, has been outspoken in criticizing OPEC, accusing the organization of being responsible for high oil prices, and urging it to increase output in order to relieve the pressure on the market from oil prices hovering near four-year highs. This makes OPEC and its actual leader Saudi Arabia full of concerns about his possible promotion of the adoption of NOPEC.
Last October, the media reported that OPEC had urged its members not to mention oil prices when discussing policies because they feared that the United States would be legally hit by market manipulation.
The decision not to discuss oil prices, which is a common way for OPEC to guide market expectations, highlights the extent to which Trump’s aggressive stance in the oil market has upset OPEC.
Sodium Molybdate |