Page 6 - DMEA Week 12 2023
P. 6
DMEA POLICY & SECURITY DMEA
Libya’s oil minister says
proposed NOPEC bill
destabilizes oil markets
LIBYA LIBYA’S oil minister Mohamed Oun has warned The bill allows Washington to file lawsuits
that the US Congress approval of the No Oil against oil producers, including OPEC mem-
Producing and Exporting Cartels Act (NOPEC) bers and allied countries, for allegedly plotting
will only serve to destabilize the international oil to raise oil prices.
market. Saudi Arabia, the largest oil producer, said
“OPEC+ is trying to achieve the stability of previously that price caps on oil will only serve
the market via determining the supply quanti- to increase instability and uncertainty in oil
ties not the prices,” he said in comments dur- markets rather than solve any problems. Saudi
ing a meeting with the Algerian ambassador in energy minister Abdulaziz bin Salman said
Tripoli, Reuters reports. NOPEC a bill proposed NOPEC does not recognize the importance of
by the US Congress in 2007, was originally pro- holding spare capacity and the consequences
posed to protect US consumers and businesses of not holding spare capacity on market stabil-
from engineered oil spikes. It exerts pressure on ity, and would undermine oil investments and
the rest of the world to increase oil supplies, and cause global supply to fall severely short of future
consequently reduce prices. demand.
P6 www. NEWSBASE .com Week 12 23•March•2023
