Russian energy Minister Alexander Novak on the sidelines of the meeting with the power industry in Khabarovsk shared important information: from 1st January 2019, you may receive and earn is a new organization of countries-exporters of oil of the OPEC on the basis of+. “We will discuss this at the Ministerial meeting,” he said. According to him, has not yet decided what name will be given a new Association, and which will host its headquarters. These issues the participants will work separately.
In this regard, there was even a publication, say, Russia creates a new OPEC. Meanwhile, many experts believe that we should not jump to conclusions, though, and recognize that the positive influence of the Union of Moscow and Riyadh on the stabilization of the oil market at the current level that is comfortable for oil-producing countries.
Against the background of these news, the US Congress is considering enacting rules prohibiting any collusion of the countries-exporters of oil. On the website of the house of representatives was the legislative initiative “On amending the anti-monopoly law the Sherman on the illegality of the establishment of the oil-producing and exporting cartels”. The document is called NOPEC is “No OPEC”, that is, “No OPEC”.
The NOPEC bill last month has already received the absolute approval of the lawyers Congress. At the same time, the Senate proposed again to “negotiate with OPEC for good.” Say, if the Saudis and they control the Gulf countries will listen to the recommendations of Washington, with the oil cartel law, Americans will have to wait.
The United States wants from OPEC for the sharp decline in oil prices — to $35 — $40 per barrel, not hide the initiators of NOPEC. “Oil has risen since last summer by more than 60%, pushing up the price of gasoline to $ 3 per gallon (about 80 cents per litre — ed.) the Congressman said Brian Griffith of the Republican party of the United States. — This is unacceptable.”
On the other hand, for Americans, OPEC has always been a political instrument to put pressure on countries that are critically dependent on the oil market. With the exception of a number of historical incidents in Riyadh and its vassals always slavishly obeyed Washington.
By the way, in 1973, when all the Arab countries said that they would not supply oil to America and its allies for supporting Israel in the Yom Kippur war, the U.S. Congress made a first attempt to use the antitrust laws against the oil cartel.
But then the legal Committee of the house of representatives have sharply opposed this idea, stating that “the enforcement of American law by another state may not give result.”
Today Jason Bordoff, Director of the Center on global energy policy at Columbia University, argues that overseas justice is literally churning out the sentences against oil exporters. “If the NOPEC bill will take time to win in the courts all cases against OPEC,” he said. However, this will not happen immediately, but us consumers will quickly feel the improvement in the domestic fuel market.
It is curious that similar bills were introduced in Congress during the reign of George W. Bush and Barack Obama, but both leaders of America have not signed them, as contrary to the policy of globalism. By and large, the former US administrations, arranged financial games with oil prices. However, it was worth the 44th President to make a phone call to Riyadh in 2014, the price of a barrel flew down.
According to the U.S. publication Foreign Policy, “He (trump) supports the efforts of Congress to change the legislation to put OPEC in the antitrust crosshairs”. Moreover, in the last two months, the President regularly writes Twitter posts against the cartel of oil exporters, raising, in his opinion, the price of gasoline.
In addition, Americans do not hide that the NOPEC bill, if passed, will be the most useful instrument of pressure when diplomacy of the state Department fails. About it said David Goldwyn, a former senior State Department on energy issues. New legal “opportunity for the United States does not mean that the US government will be handcuffed to carry officials of KSA and other countries in the halls of American courts. Supporters of the law just raise the bar of threats to force OPEC to be more responsive to the wishes of Washington,” says Goldwyn.
In fact, Washington does not hide that is not without a shout of Americans Saudi Arabia together with OPEC recently increased production by 1 million barrels a day. In addition, KSA has given a firm commitment to grow oil production this year, utilizing all of the reserves. What is more interesting is overseas experts know that the current production capacity of the majority of the petroleum exporting countries have a limit production, however, they believe that the legal rules of the States in any case will have a decreasing pressure on the barrel.
If you look at the truth, but States will decide the fate of the new structure of OPEC, despite the claims of energy Minister Novak. If the initiative NOPEC will be a binding act, situational allies — Moscow and Riyadh — will immediately be enemies in a new oil war waged by Washington.