American oil leaders say no to NOPEC:
US oil industry leaders are concerned by the potential damage that could be done to their businesses if the Trump administration passes the so-called NOPEC act, opening up oil producers to legal action in the US.
An employee of the American Petroleum Institute (API), the trade organization for the US oil and gas industry, wrote: “The act’s extraterritorial overreach would harm core US economic and energy interests.”
The possible legislation under the No Oil Producing and Exporting Cartels Act was the subject of frenzied discussion at the CERAWeek by IHS Markit conference in Houston, Texas, where the Organization of the Oil Exporting Countries (OPEC) lobbied US financiers against it.
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